Led by North Fremantle, Bicton and Nedlands, twelve Perth suburbs recovered from last year’s slump as they saw significant house price growth in the year to June 2018, according to a recent Real Estate Institute of Western Australia (REIWA) report.
Data showed that North Fremantle had the strongest rebound in price, with its median climbing 28.1% to $1.23 million in 2018, after dropping 0.8% to $960,000 in 2017.
This was followed by Bicton, which registered a 17.6% median house price increase this year after being down by 6.5% last year.
Nedlands, Kallaroo and West Leederville, meanwhile, recorded a rise in house prices, up by 15.5%, 14.6% and 13.4%, respectively in the 12 months to June 2018.
Also included in the list were Helena Valley, City Beach, Claremont, Mosman Park, Winthrop, White Gum Valley and Leeming.
“It’s really pleasing house prices in these suburbs have recovered so well in just 12 months. All of the suburbs on the list have higher median house price values now than they did in 2016 just prior to the decline, which is positive news for sellers in these areas,” said REIWA President Hayden Groves.
Reiwa.com’s analysis also showed that every suburb on the list had a median house price over the Perth Metro median of $515,000, and seven had median house prices above $1 million.
“Perth’s aspirational suburbs are really leading the way in the property market’s recovery. Last quarter, there were more houses sales recorded in the $800,000 and above price range, which is a trend that also occurred during the December 2017 quarter. In addition, recent reiwa.com data also shows 11% of houses sales in Perth now sell above $1 million, which is the highest proportion of million dollar sales Perth has seen,” Groves explained.
Notably, nine of the suburbs had faster average selling days than the Perth Metro region average of 66 days. Nedlands (28 days), Claremont (40 days) and West Leederville (47 days) were the front liners.
“[T]here is genuine competition amongst buyers in the luxury end of the Perth market, forcing buyers to act fast in these areas and pay a premium to secure the property,” Groves said. “Home owners in these suburbs who are thinking of selling would be wise to take advantage of these favourable market conditions.”
