Perth is currently the strongest market in the country when comparing annual home price growth.
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That is according to the latest PropTrack Market Insight report released last week.
REGIONAL ALL DWELLINGS
- Change since March 2020
- Bunbury +62.6%
- Outback (South) +50.2%
- Outback (North) +50.0%
- Wheatbelt +45.7%
METRO ALL DWELLINGS
- Change since March 2020
- Mandurah +71.7%
- Perth - South West +65.6%
- Perth - North West +58.0%
- Perth - South East +57.8%
- Perth - North East +56.9%
- Perth - Inner +41.3%
Following considerable home price growth during the COVID-19 pandemic, Perth largely avoided the national downturn in prices in 2022 and prices have continued to surge since.
This period of out-performance has seen Perth climb the ranks to land as the third strongest capital city market since the pandemic onset, with prices up 57.3 per cent in the past four years.
"Nationally, four years on from the pandemic, home prices around the country have staged a remarkable feat," the PropTrack Market Insights report said.
"From fears of sharp falls through the pandemic, to the expectation of steep declines when interest rates began to quickly climb, home prices have defied the expectations of many - surging 39.9pc nationally.
"The supply of properties for sale, population growth, building activity, rental market conditions, interest rates and interstate and regional migration have all influenced home price growth and how it has been distributed Australia-wide since March 2020.
"Through the pandemic, strong demand, low supply and record low interest rates combined to drive a once-in-a-generation price boom.
"Coastal and regional areas, along with Brisbane and Adelaide, benefitted most from affordability advantages and pandemic-induced preference shifts resulting in surging property prices."
Four years on and regional home prices have outperformed their capital city counterparts in every State (except WA and the Northern Territory).
"Since COVID, the housing market has cycled different phases," the PropTrack Market Insights report said.
"Home prices fell as interest rates quickly climbed.
"But, as net migration hit record levels, insufficient housing supply coupled with strong demand offset the higher interest rate environment and deterioration in affordability.
"As a result, home prices took off again in January 2023 and that remains the case three months into 2024."