03 Sep Property Market Update
August CoreLogic’s national dwelling values showed a promising turn nationally with the first monthly recorded increase in values since October 2017.
The growth impacted values positively in five out of the eight capital cities, with the exceptions being Perth, Adelaide and Darwin.
CoreLogic’s research director Tim Lawless noted “While the ‘recovery trend’ is still early, it does appear that growth trends are gathering some pace, particularly in the largest capital cities”. The rolling quarterly figures reflect a 0.6% increase nationally
Locally, Perth slipped again by 0.5% for the month taking the rolling annual rate of decline down 8.8%, whilst it is still the poorest performing capital city the rate of decline has started to improve.
What could start to impact improvement in values is news this week from REIWA reporting that the number of properties for sale and lease in Perth has dropped to the lowest level since 2014. There are currently only 13,831 properties listed for sale and 6,599 for rent on reiwa.com.