This article is from the Australian Property Journal archive
PERTH’S top 10 suburbs are outperforming the overall market posting double digit house price growth, up to 26.3% compared to 3.7% for the metro region.
The latest data from REIWA revealed that North Fremantle, Applecross, Dalkeith and Mount Helena recorded growth in excess of 20% in 2017 and were the suburbs to watch in 2018.
REIWA president Hayden Groves said all 10 suburbs had median house prices above the Perth median of $520,000, and all but three had medians exceeding one million dollars.
North Fremantle led the way with a 26.3% jump to $1.2 million, followed by Applecross with 24% to $1.55 million, Dalkeith with 20.9% to $2.6 million and Mount Helena with 20% to $540,000.
“Perth’s highly prized suburbs are leading the way in the recovery of the WA market. In the space of a year, we’ve seen prices in these locations recover substantially from their low point in late 2016,” Groves said.
Of the 10 highest growth suburbs on the list, only Leederville ($905,000), Perth ($805,000) and Mount Helena ($540,000) have house medians below a million.
“We’ve seen listing stock tighten considerably over the last 12 months, with good quality family homes attracting a lot of attention in aspirational areas.
“With the WA economy gaining strength and owner occupier loans at their most affordable in decades, buyers recognise now is the time to secure a family home in areas previously out of reach for many,” Groves said.
At the same time, analysis found nine of the 10 suburbs reported faster average selling times compared to the metro region.
“It takes an average of 67 days to sell a house in Perth, whereas in suburbs like Leederville (32 days) and Trigg (36 days), sellers are securing buyers much faster.
“Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices.” Groves concluded.
Australian Property Journal
