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Perth’s House Price Index Rises 1.8% in September Quarter

Recently property investment related figures from property research specialists RP Data-Rismark showed Perth house prices up 0.9 per cent for the October quarter and up 3.8 per cent year-on-year to a median of $475,000.

And according to preliminary figures from the Australian Bureau of Statistics, Perth’s house price index experienced a 1.8 per cent rise in the September quarter to a median of $489,000.

The ABS revised its Perth June quarter result upwards from 0.6 per cent to 1.2 per cent, with Perth house prices now up 4.4 per cent for the year to September.

The preliminary estimate for Perth follows rises in the previous three quarters (+0.5 per cent, +0.9 per cent and +1.2 per cent), with the rise in the September quarter 2012 being driven by clusters with median prices below $700,000.

If past revision history by the Australian Bureau of Statistics is anything to go by, Perth house prices are likely to be revised upwards again in the December quarterly update, which is released in February 2013.