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House prices on the rise in Perth

Houses in Perth will increase in price by between five and seven per cent next year.

Houses in Perth could be set to increase in price by as much as five to seven per cent next year, according to new figures.

The data, compiled by Australian Property Monitors (APM), suggested that Perth could be one of the country's strongest performing capital city housing markets.

It is expected that buyer activity will start slowly in Perth next year but will pick up "sooner rather than later" as a result of the local economy strengthening.

The report claimed that record low interest rates, improved affordability and rising confidence had resulted in a recovery in the national housing market in the last 12 months.

Andrew Wilson, senior economist at APM, told Yahoo: "There is a lot more confidence around in the Perth housing market now than there has been for a couple of years."

These figures come after the Real Estate Institute of WA revealed earlier this month that Perth's median house price had hit record values of $535,000.

Posted by Craig Francis

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