The Real Estate Institute of Western Australia (REIWA) reported on Wednesday that 12 Perth suburbs across the metro area had bucked the trend over the 12 months to June 2017 and registered significant house price growth in the year following, through June 2018.
North Fremantle, Bicton, and Nedlands were the top gainers among these suburbs.
North Fremantle had the strongest rebound in price. Its median rose 28.1% to $1.23 million in 2018, after dropping 0.8% to $960,000 last year. Following this outstanding record was Bicton, with a 17.6% median house price hike this 2018 after being down by 6.5% last year.
Nedlands, Kallaroo and West Leederville, meanwhile, saw house prices climb by 15.5%, 14.6% and 13.4%, respectively.
Completing 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.
The study also found that all the previously mentioned suburbs had a median house price above the Perth Metro median of $515,000, while seven of those suburbs had median house prices over $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 further explained.
Another highlight of the report was that nine of the suburbs had faster average selling days than the Perth Metro region average of 66 days – with Nedlands (28 days), Claremont (40 days) and West Leederville (47 days) the standouts.
“There 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. Homeowners in these suburbs who are thinking of selling would be wise to take advantage of these favourable market conditions,” Groves concluded.
Collections: Mortgage News
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