Sunday, July 28, 2013

Perth Prices Heating Up

Perth house prices have continued to rise in the June quarter according to the Australian Property Monitors. Perth's median house price now sits at $584,487 which is a 7.5% increase over the past 12 months and 3.2% increase from the previous quarter. Only Melbourne showed a stronger increase from the March quarter with a 5% increase, however, Perth is leading the nation in terms of year on year growth.

Nationally, Australian house prices increased over the past year by 5.4%. Much of the increase in Perth has been attributed to the mining boom but there are also many Chinese nationals looking to put an anchor down in Perth for their children to stay in when they come over for higher education. A news article reported yesterday that the devaluation of the Aussie dollar has increased interest overseas and that searches for Perth properties on a Chinese international property website increased 1000% in the first half of this year! With the Australian dollar looking to continue its downward slide, who knows how much that will even further increase interest overseas.

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