Perth house prices reach new record high
Residential property prices have reached a new high in Perth, with the latest figures showing the median house is now worth $510,000.
This new record surpasses the previous peak of $505,000, which was recorded in the March quarter of 2010 - indicating improving conditions in the city's real estate market.
The recent house price data is representative of a two per cent increase on the median price in the December quarter - a trend underpinned by increased turnover and more sales activity in the higher end of the sector.
Real Estate Institute of Western Australia president David Airey commented: "Our preliminary data for the March quarter show that while the proportion of sales under $500,000 has fallen, there was a marked increase in sales between $500,000 and $1 million.
"The $600,000 to $700,000 range was the most dominant price point above the median during this period and is a healthy illustration of consumer confidence through trade-up activity."
Mr Airey went on to say that despite the downturn in the $500,000 and below bracket of the market, there was an increase in first time buyer activity - further pointing to a return in consumer confidence.