PERTH continues to buck the trends seen on the east coast, with the latest CoreLogic Home Value Index showing dwellings at a new record high.
The city has seen a cumulative growth of 24.5 per cent since the property market started to turn back in 2020.
In April there was a 1.1pc rise in dwelling values, this was 0.9pc higher than the previous record in the Home Value Index from June 2014.
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It has taken 94 months or almost eight years for the Perth market to recover from its extreme cyclical movements.
Dwelling values across Perth boomed from January 2000 to January 2007, matching the boom seen in the mining sector at the same time.
But instability hit due to the global financial crisis, China's demand for iron ore decreased and the bust set in.
From June 2014 to September 2019, the Perth market saw a peak decline of 20pc.
Dwelling prices have risen over that time, but still did not pass significantly higher than the peak of 2006.
So where to from here?
Houses are still driving the market, with unit values down 13.6pc below the record high seen in September 2013.
There was speculation that the market would ease at the end of last year, but due to a recovery in the mining sector, strong job growth and positive interstate migration to Western Australia, the first quarter of this year saw a continued rate of growth.
The current median dwelling value is $552,128 which is only $9010 higher than the median value of eight years ago.
Rental yields across the city are averaging 4.4pc gross, this is the highest of any capital city in the country.
While this upswing could continue, with the latest interest rate changes Perth could eventually follow other Australian markets into a broad-based downswing.
