The overall Perth market has been fairly subdued over the past few years, but several suburbs have defied this trend to record significant median price growth, according to the Real Estate Institute of Western Australia (REIWA).
Reiwa.com analysis showed the top 10 Perth suburbs whose median house sale prices rose as much as 16.4% since September 2014.
Mount Pleasant’s median climbed by 16.4% from $1.08 million to $1.25 million between 2014 and 2019. It is one of the few suburbs in Perth whose median price increased to an all-time high.
Data from REIWA also found that the demand for the luxury market is the biggest trend in terms of lifestyle. Of the 10 suburbs, nine had median house prices above $800,000, and seven were in the $1 million and above price range.
Sales volumes in the lower-priced end of the Perth market remain soft. Activity in the $800,000 plus price range, on the other hand, rose and contributed to the median house price growth in suburbs such as Mount Pleasant, Ardross, West Leederville, Cottesloe, South Fremantle, Shelley, and Claremont.
“Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices,” said REIWA President Damian Collins. “These areas are clearly striking a chord with WA property seekers, which should provide local sellers with some confidence that they can achieve a quick sale at a competitive price.”
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Data from REIWA
