Perth had the highest property price growth in the past year and will continue its nation-beating hikes for two more years, according to two separate reports, but future increases will not be as strong as initially expected.
A PropTrack report to be released on Saturday shows Perth property prices increased 20.58 per cent over the past year.
A new National Australian Bank residential survey forecasts Perth property prices will grow 5.2 per cent next year — the highest in the nation and well above the national average increase of 2.8 per cent, and 4.1 per cent in 2026, which leads the nation along with South Australia.
It is a slight reduction in price growth by NAB, which has initially forecast increases of 6 per cent and 5.1 per cent, respectively.
PropTrack noted Perth home prices rose 0.73 per cent in May to a new peak of $699,000, the greatest monthly increase of all markets.
It is Perth’s 22nd consecutive month of home price growth.
Perth remained the strongest market in the country in terms of annual growth, with prices up 20.58 per cent.
Regional WA prices declined a slight 0.03 per cent in May from their recent peak. Even so, they sat 11.67 per cent above their May 2023 level, the second-strongest annual performance of the regional markets.