THE statistical areas level 3 (SA3s) of Swan, Kalamunda, Mundaring and Bassendean have finished in the top 10 for highest 12-month dwelling growth, according to CoreLogic.

In north east greater Perth SA3 Swan with a median of $762,098 topped the list with an annual change of 24 per cent.
Also in north east greater Perth SA3 Mundaring with a median of $843, 726 took second spot with an annual growth of 22.2 per cent.

With an annual growth of 21.4 per cent and a median of $842,250 SA3 Kalamunda in south east greater Perth claimed fifth spot on the list.

SA3 Bayswater Bassendean in north east greater Perth finished seventh on the list with an annual growth of 21 per cent and a median of $847,153.

On January 2 CoreLogic said in 2024 Perth values had surged 19.1 per cent higher over the year, Adelaide was up 13.1 per cent and Brisbane values were 11.2 per cent higher.

But three of Australia’s capitals recorded a decline in values over the year Melbourne (-3.0 per cent), Hobart (-0.6 per cent) and the ACT (-04. per cent).

CoreLogic said its home value index (HVI) ended the year on a negative note, with values down 0.1 per cent nationally over the month after peaking in October and holding flat in November.

On January 9 REIWA said in December the City of Swan’s median house sale price was $670,000, the City of Kalamunda’s median house sale price was $750,000, the Shire of Mundaring’s median house sale price was $830,000 and the Town of Bassendean’s despite a fall of 0.8 per cent was $754,000.

REIWA said Perth’s median house sale price rose to $740,000 in December, which was a 1.7 per cent increase on November and 23.3 per cent higher than December 2023.

The median unit sale price also rose, increasing 2.1 per cent over the month and 20 per cent year-on-year to $495,000.

REIWA chief executive officer Cath Hart said while there was talk about declining prices and buyers’ markets on the east coast, conditions in Perth still favoured sellers and price growth.

In its statement CoreLogic said the December decline in the national HVI was enough to drag the quarterly change into negative territory, also down 0.1 per cent, to mark the end of what had been a strong and resilient period of growth between February 2023 and October 2024 – a period characterised by high interest rates, cost of living pressures and reduced borrowing capacity.

CoreLogic’s research director Tim Lawless said the decline in values was no surprise.

“This result represents the housing market catching up with the reality of market dynamics,’’ he said.

“Growth in housing values has been consistently weakening through the second half of the year, as affordability constraints weighed on buyer demand and advertised supply levels trended higher.”

The first half of 2024 saw national home values rise 4.1 per cent, before slowing to just 0.7 per cent through the second half of the year, with five of the eight capitals recording a decline in values between July and December.