Nothing to see here folks. Just a minor (!) adjustment in CoreLogic’s Hedonic Home Value Index to reflect an annual % change of 18.1% for the Perth market to 30 September 2021. This compares to their reported 11% annual increase to the end of July 2021.
So did the market explode in August and September? The short answer is, no.
When CoreLogic failed to release the August property market stats for Perth, stating that they’d found anomalies in their index, agents, and industry figures were left scratching their heads.
At Red Fox, we were pretty much like, WT? We’d also been wondering why the previously reported returns seemed lower than what we were seeing locally. We put it down to some suburbs underperforming the market, which is still the case btw, versus what seemed like significant overperformance in others.
We haven’t yet seen the revised monthly breakdown for the last twelve months, that’s not been provided. But they have stated the revised figures reflect an 18.5% increase in houses and a 15% increase for units.
This means for houses, we’re now very close to the previous peak for Perth which was recorded at the end of 2014. Note we said houses, not units, as the multi-residential market recovery still appears to have a way to go.
REIWA expects Perth property prices to continue to increase throughout the remainder of 2021 and into 2022.
You can access the latest CoreLogic index here.
And if you’re curious about what your property might be worth in the current market, we’d love to chat. Call us now on 0405 812 273 or email us at [email protected].