The top 12 Perth rebound suburbs revealed
Investors interested in the Perth market should keep an eye out for these 12 suburbs that are gaining traction after recording declines just a year ago.
Analysis from the Real Estate Institute of Western Australia (REIWA) indicates 12 suburbs in the Perth metro area are going against the typical trends in Perth, with prices performing better than they did just two years ago.
“North Fremantle had the strongest rebound in price, with its median increasing 28.1 per cent to $1.23 million in 2018, after declining 0.8 per cent to $960,000 in 2017,” said REIWA president Hayden Groves.
“Bicton came in second, with a 17.6 per cent median house price increase this year after declining 6.5 per cent last year, while Nedlands, Kallaroo and West Leederville saw house prices lift by 15.5 per cent, 14.6 per cent and 13.4 per cent respectively in the 12 months to June 2018.”
All of the 12 suburbs were performing above the Perth metro median of $515,000 with prices at least $600,000 and above, with the majority above $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,” Mr Groves said.
In addition, recent [REIWA] data also shows 11 per cent of houses sales in Perth now sell above $1 million, which is the highest proportion of million-dollar sales Perth has seen.”
Further, nine out of 12 of the suburbs also had faster average days on sale than the Perth metro area of 66 days, with the top three being Nedlands at 28 days, Claremont at 40 days and West Leederville at 47 days.
“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,” Mr Groves said.
The top 12 suburbs that are bouncing back from declines, according to the REIWA, are:
|
Suburb |
Median price (as of June 2018) |
Annual change |
|
1. North Fremantle
Loading form...
|
$1.23 million |
↑ 28.1% |
|
2. Bicton |
$1.05 million |
↑ 17.6% |
|
3. Nedlands |
$1.675 million |
↑ 15.5% |
|
4. Kallaroo |
$802,500 |
↑ 14.6% |
|
5. West Leederville |
$1.247 million |
↑ 13.4% |
|
6. Helena Valley |
$600,000 |
↑ 13.2% |
|
7. City Beach |
$1.835 million |
↑ 12.8% |
|
8. Claremont |
$1.455 million |
↑ 11.9% |
|
9. Mosman Park |
$1.38 million |
↑ 7.4% |
|
10. Winthrop |
$899,000 |
↑ 7.0% |
|
11. White Gum Valley |
$730,000 |
↑ 7.0% |
|
12. Leeming |
$705,000 |
↑ 6.8% |
|
Perth metro |
$515,000 |
↓1 .0%
You need to be a member to post comments. Become a member for free today!
More from this writer:
|
