Where property prices rose most over the past five years
The typical house has surged in value over the five years since the pandemic began, defying early forecasts of property price declines exceeding 20 per cent.
While Sydney and Melbourne saw significant gains, the strongest price growth was recorded in mid-sized capitals, with Perth emerging as a standout performer.
According to CoreLogic figures, Perth house values skyrocketed by 77.8 per cent, or almost $368,000, since March 2020, making it one of the country’s best-performing markets.
In fact, Western Australia dominated the list of Australia’s top 30 urban areas with the highest dwelling value growth, securing six spots. Perth itself ranked 14th nationwide, with dwelling values soaring 75.9 per cent, reflecting the city’s rising appeal for both investors and owner-occupiers.
The boom contrasts sharply with the early days of the pandemic when economists predicted high unemployment and deep property price falls. Instead, record levels of government support, ultra-low interest rates, and policies like JobKeeper and HomeBuilder fuelled demand, particularly among first-home buyers who sought properties to accommodate remote work.
With the benefit of hindsight, buyers could have made oversized gains by investing in Perth, once overlooked but now a booming market. For those looking to secure a prime property in the heart of the city, the Perth Hub project is now complete, with limited brand-new units available for immediate move-in.
As demand continues to surge, this is a rare opportunity to invest in one of Australia’s strongest-performing property markets. Contact AZ Property for more details.