Premium suburbs leading the charge for Perth market
Suburbs in exclusive locations are helping support the recovery of Perth’s property market, touting some big growth percentages.
The top suburbs, with nine out of ten having a median price of at least $1 million, are all located close to either a river or the ocean, according to Shane Kempton, chief operations officer for Professionals real estate group in Western Australia and the Northern Territory.
“These premium suburbs were either located close to the river or ocean. Applecross was the top performer with a median house price increase of 32.4 per cent over the past year rising to $1.6 million, while Dalkeith was ranked number tenth with a median house price of growth of 8.3 per cent, pushing its median house price in this suburb to $2.6 million,” Mr Kempton said.
“These price growth rates are significant when you consider the overall median house price in Perth fell by 1 per cent over the same period to $510,000.
“Traditionally, it is the top end of the real estate market that leads the recovery in the Perth property market and these figures confirm that Perth is now entering this recovery stage.”
The growth of these suburbs, he explained, can be attributed to two reasons; the recovery in the resources is sector is giving property buyers confidence to purchase premium property and as a result of this, stock has declined, which is driving prices up further.
Mr Kempton said when looking at historical data, when prices rise in Perth’s premium suburbs, a ripple effect is felt throughout the rest of the market over a one to two-year period.
“These second-tier suburbs include areas such as Booragoon, Melville, Manning, Como, Floreat, Shenton Park, Subiaco, Wembley Downs and Woodlands,” he said.
“We should therefore see rising prices in other areas of Perth during the coming two years with the outer suburbs which have been worst affected by oversupply issues, being the last areas to benefit from this upward correction in property prices.
“In vast majority of areas in Perth, property prices are still at rock bottom and buyers should now move quickly to secure a property before the recovery in the market gains further momentum to avoid buyers’ regret.”
The top 10 premium suburbs in Perth, according to Professionals analysis and sourced from the Real Estate Institute of WA, are:
|
Rank |
Suburb |
Median sale price
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|
Growth over the last year (as a percentage) |
|
1 |
Applecross |
$1,675,000 |
32.4% |
|
2 |
Bicton |
$1,080,000 |
22.7% |
|
3 |
North Fremantle |
$1,140,000 |
18.8% |
|
4 |
Cottesloe |
$2,177,500 |
13.3% |
|
5 |
Kallaroo |
$790,000 |
13.3% |
|
6 |
Nedlands |
$1,655,000 |
13.2% |
|
7 |
Mosman Park |
$1,400,000 |
9.8% |
|
8 |
Ardross |
$1,050,000 |
9.4% |
|
9 |
City Beach |
$1,800,000 |
8.6% |
|
10 |
Dalkeith |
$2,600,000 |
8.3%
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