Is the Perth property market finding a floor?
While on the subject of dwelling price indices, CoreLogic's index results to 31 July showed capital growth across the combined capital cities of +10.5 per cent over the year to July.
The quarterly price increased across the capital cities slowed to +2.2 per cent in July, down from a pacy +3.6 per cent in February.
Sydney houses (+12.3 per cent) and units (+10.3 per cent) have continued to be strong performers over the year to July 2017.
Growth in Melbourne house prices has accelerated to a thumping +17.2 per cent, although unit prices (+4.6 per cent) have lagged.
Overall, this helped to take the median capital city dwelling price to a new high of $625,000.
The rest of state figures increased by +5.4 per cent over the year to July, to $382,500.
Rental price growth returns
CoreLogic's quarterly showed a return to annual rental price growth, following a crackdown on lending to investors.
The rental price growth was driven by Sydney, (+4.5 per cent) Melbourne (+4.1 per cent), Hobart (+6.2 per cent), and Canberra (+8.4 per cent).
These rental price gains were offset by declines in Darwin and Perth.
Perth levelling out
CoreLogic noted that Perth appears to be approaching the bottom of its market cycle, with prices easing by -0.3 per cent over the three months to July.
Prices in the Western Australian capital have declined by -10.2 per cent since the market peak in 2014.
Transaction volumes in Perth have also found a floor at 2,500 per month, while listing numbers have also declined.
The "mining cliff" has now been effectively seen off, too.
These are positive numbers, though I do note that my dwelling supply dashboard implies that there will yet be a lot of new dwellings to be absorbed!
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and blogger.
His latest book is Four Green Houses and a Red Hotel.
