House price growth in WA is outstripping the rest of the nation – rising at an “unsustainable” rate of $5000 per week according to new data.
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Perth home values rose 2.4 per cent in November to $955,832, beating out all other capital cities according to Cotality.
Nationally prices rose 1 per cent on average, and there are tentative signs the Sydney and Melbourne housing markets are starting to cool.
Research Director Tim Lawless said Perth was experiencing extraordinary rates of growth in comparison.
“In dollar terms, it means Perth’s housing market is rising in value at about $5000 a week,” he said.
“So I think pretty quickly we’re going to be starting to see some more substantial affordability constraints and serviceability constraints getting in the way of such an unsustainably high rate of growth.”
He said that housing values were climbing by about four times the pace of wage growth nationally.
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