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Perth 'Strongest Housing Market in Nation'

03 June 2013

The Perth property market has defied a nationwide fall through May with values climbing on the back of falling interest rates.

RP Data-Rismark's measure of home values across the nation showed Perth prices were up by one per cent.

The value of homes in the city lifted 1.1 per cent.

Nationally home values were down by 1.1 per cent last month with only Hobart, which lifted by 3.4 per cent, defying the overall gloom.

Perth's increase meant that over the past three months home values rose by 1.7 per cent in contrast to a nationwide fall of 0.3 per cent.

So far this year home values are up by 2.9 per cent and over the past year they have improved by 6.9 per cent.

It has left Perth the strongest property market in the country.

The value of Perth units edged down by 0.4 per cent but over the past three months they have lifted by 4.2 per cent.

RP national research director Tim Lawless said the national fall in values came as consumer confidence edged down.

He said the Federal Budget may have been a key factor.

"The RP Data-Rismark daily index tracked higher from late April to the 10th of May and then went into a consistent decline over the remainder of the month," he said.

"How much of this downwards pressure can be attributed to the lower confidence reading is anyone's guess, but the correlation of housing market conditions with consumer confidence is a strong one."

RP and Rismark reported weekly rents across the country have climbed by an average 3.1 per cent over the past year.

But Darwin and Perth rents have grown much faster.

Perth house rents are up by 8.9 per cent while unit rents have climbed by 8.3 per cent. << back to news articles