by Sanjeev Sah | Aug 27, 2024 | Market Updates

While national home prices increased 0.08% in July and are now 6.3% higher than a year ago, Perth continues to outperform, according to PropTrack’s latest Home Price Index. 

The capital city posted the strongest price growth in July, increasing 0.88%. It has shown the highest annual growth of 22.8% and a 35% growth over the last two years.  

By contrast, Melbourne saw prices fall 0.21% over the month to be down 0.82% on the year.  

REA Group senior economist Paul Ryan said that while all markets were continuing to see strong housing demand, tight rental markets and rebounding investor activity, they were all moving at different speeds.  

“Looking across the capital cities, there is a clear trend that more affordable regions have tended to perform the best, no doubt driven by challenged affordability from the continued high interest rate environment,” he said.