CoreLogic has released its revised Perth home value index which shows that in the 12 months to September 2021 Perth house prices grew 18.1 per cent.
The revised figure follows the recent CoreLogic announcement that there had been a divergence in the reporting of its hedonic index, which caused the Perth home value index (which looks at the movement in value of all Perth residential properties, including those not for sale) to be undervalued by 8.4 per cent.
This correction meant Perth’s annual price growth was pushed from 10.8 per cent as originally reported in July to 18.1 per cent in September. This is welcome news for Perth owners and sellers who are eager to see property values recover from the recent market downturn.
Recovery is widespread
The CoreLogic findings are supported by the reiwa.com suburb-level data, which shows the market recovery is widespread and occurring across all price points.
Of the 50 top performing suburbs for median house sale price growth during the year to September 2021, reiwa.com data shows 21 suburbs were priced in the lower end of the market, 16 were in the middle, and 13 were from the $1 million and above price bracket.
Additional analysis found three Perth suburbs had growth rates exceeding 30 per cent, whilst 11 recorded median house sale price growth above 20 per cent.
Sourced from REIWA