Australian house prices in Perth have increased to higher than during the last property boom, new figures show.
The median prices for Australian property in Perth have reached a new high, according to figures from the Real Estate Institute of Western Australia (REIWA).
For the three months to December 2009, the median price of a house in Perth was AU$480,000 (£266,000), a rise of 14.3 per cent on the beginning of the year and AU$5,000 more than the previous record, which was set in December 2007.
The number of Australian properties in Perth on the market was down 2,400 on the third quarter of 2009.
According to REIWA president Alan Bourke, the rise in the median price was due to upgrade buyers purchasing more expensive Australian property and a falling number of first-time buyers seeking affordable Australian houses.
Earlier this week, the REIWA welcomed the Reserve Bank of Australia's decision to maintain the interest rate at 3.75 per cent. Mr Bourke said it will help first-time buyers but warned that the low level may not last.
Posted by Steve Douglas
The median prices for Australian property in Perth have reached a new high, according to figures from the Real Estate Institute of Western Australia (REIWA).
For the three months to December 2009, the median price of a house in Perth was AU$480,000 (£266,000), a rise of 14.3 per cent on the beginning of the year and AU$5,000 more than the previous record, which was set in December 2007.
The number of Australian properties in Perth on the market was down 2,400 on the third quarter of 2009.
According to REIWA president Alan Bourke, the rise in the median price was due to upgrade buyers purchasing more expensive Australian property and a falling number of first-time buyers seeking affordable Australian houses.
Earlier this week, the REIWA welcomed the Reserve Bank of Australia's decision to maintain the interest rate at 3.75 per cent. Mr Bourke said it will help first-time buyers but warned that the low level may not last.
Posted by Steve Douglas
