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Slight fall in Perth property values

By Kevin Kelly

If you're a first home buyer hoping to make a strong return on your property almost immediately, it could be worth looking in suburbs surrounding Perth CBD at the moment. 

That's because the latest data shows it's just one of two capital cities to have seen property prices fall in the March quarter.

The Bendigo Bank/Real Estate Institute of Australia (REIA) Real Estate Market Facts showed that Perth's property values posted the biggest drop of 1.6 per cent out of all the nation's capitals.

Brisbane was the only other to have witnessed this trend, with Sydney, Melbourne, Hobart, Darwin, Adelaide and Canberra all contributing to the rise in average property prices.

You might find there are other opportunities for you in the market for real estate in Bunbury South, which still boasts great access to the Western Australian capital without being in the city itself.

Statistics from RP Data showed median property values in Perth reached $525,000 in May, making it one of the more affordable capital cities in the country.

Perth was outperformed by Sydney, Melbourne and Darwin, which have all been hot areas for value growth over the last year. 

President of the REIA Peter Bushby said Sydney's median house price is currently the highest out of all the capitals, but suggested the national figures need to be looked at in context.

"Compared to the same time last year, the difference is much starker. The weighted average median house price rose 13.1 per cent over that period," he added.

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