Economists and market watchers are predicting an end to Australia's housing downturn, but some suburbs in Perth did not even feel a pinch of the decline.
Ten Perth suburbs have defied the housing downturn, recording growth from 4% to 16% in the last five years, according to an analysis by the Real Estate Institute of Western Australia (REIWA).
Topping the list is Mount Pleasant, which recorded a 16.4% price growth since September 2014. Currently, this suburb has a median house price of $1.25m.
"It is also one of the few suburbs in Perth that has seen its median price increase to an all-time high," said REIWA president Damian Collins.
Ardross came second with a five-year growth of 15.3%. Its median house price in September 2014 was $880,000 but it climbed to $1.015m this year.
Collins said suburbs in Perth's luxury market segment managed to buck the housing downtrend. Overall, In fact, seven of the 10 suburbs in the list have median house prices above the $1m mark, with Cottesloe having the most expensive homes at $2.062m.
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"Increased demand in Perth's luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices," he said, "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."
Perth's housing market recorded a 9.7% decline in prices since September 2014, bringing its median price from $545,000 to $492,000.
"While sales volumes in the lower-priced end of the Perth market remains soft, activity in the $800,000-plus price range has strengthened, which has created increased demand among buyers and contributed to the improvement in median house price that we've seen in suburbs like Mount Pleasant, Ardross, West Leederville, Cottesloe, South Fremantle, Shelley and Claremont," Collins said.
The table below shows the complete list of Perth suburbs which remained unscathed amid the housing downturn.
Perth suburbs that defied the housing downturn |
|||
Suburb |
Median House Prices
|
Median House Prices
|
Changes since
|
|
Mount Pleasant |
$1.251m |
$1.075m |
16.4% |
|
Ardross |
$1.015 m |
$880,000 |
15.3% |
|
West Leederville |
$1.25m |
$1.092m |
14.9% |
|
Cottesloe |
$2.062m |
$1.85m |
11.5% |
|
South Fremantle |
$1.05m |
$956,500 |
9.8% |
|
Shelley |
$941,500 |
$880,000 |
7.0% |
|
Claremont |
$1.6m |
$1.5m |
6.7% |
|
Inglewood |
$842,500 |
$800,000 |
5.3% |
|
Wembley Downs |
$1.093m |
$1.041m |
4.9% |
|
Greenmount |
$500,000 |
$480,000 |
4.2% |
|
Overall Perth market |
$492,000 |
$545,000 |
-9.7% |
Collections: Mortgage News
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