Australia's Perth median house price hits record high: REIWA

Housing price in Perth brokeprevious peak of 505,000 AU dollars in the March quarter of 2010.

Median house price in Perth, the capital of Western Australia (WA), has reached a new record high of 510,000 AU dollars (533,000 U.S. dollars) in the March quarter, according to data released on Tuesday by the Real Estate Institute of WA (REIWA).

REIWA President David Airey said there had been a two percent increase on the median price from the December quarter.

The previous peak of 505,000 AU dollars was recorded in the March quarter of 2010.

Airey said the REIWA's data for the March quarter showed that while the proportion of house sales in Perth under 500,000 AU dollars had fallen there was a marked increase in sales between 500,000 AU dollars and 1 million AU dollars.

He said homes selling for 600,000 AU dollars to 700,000 AU dollars and those between 800,000 AU dollars and 1 million AU dollars represented some 20 percent of all sales during the quarter.

Sales activity in suburbs closer to the city center was stronger during the quarter.

"The March quarter results show a buoyant market returning to more normal conditions on the back of solid population growth and a strong state economy," Airey said in a statement.