Top price growth Perth suburbs for March revealed

Data from the Real Estate Institute of Western Australia found 45 per cent of statistically significant Perth suburbs were either stable or saw house prices increase.

REIWA president Damian Collins also said the value decline has slowed to its lowest level since June 2018, which potentially meant prices in Perth may be approaching the bottom of its cycle.

“[REIWA] data shows there were numerous suburbs that saw their median house price buck the declining trends, with 30 per cent of those statistically significant suburbs experiencing an increase in price and 15 per cent remaining stable, which is a positive trend in the current real estate environment,” Mr Collins said.

The top 10 suburbs for median house price growth for March were Mullaloo, Wannanup, Lesmurdie, Alkimos, Karrinyup, Yanchep, Rivervale, Mount Pleasant, The Vines and Warnbro.

“Although the Perth residential sales market remains subdued, the data for March shows some signs that price values may be starting to strengthen in some areas after a prolonged period of declines,” Mr Collins said.

Rental market

The rental market in Perth in March fared considerably better than price growth, with 82 per cent of Perth statistically significant suburbs recording stable or increased median rent prices.

“While Perth’s overall median rent price remains at $350, we are seeing an increasing number of suburbs record upward movement in prices, which is a welcome development for Perth landlords and suggests it’s only a matter of time before Perth’s overall median rent starts to climb,” Mr Collins said.

The top 10 suburbs for median rent growth for March were North Perth, East Perth, Perth, Dudley Park, Cloverdale, Meadow Springs, Padbury, Kardinya, Lakelands and Port Kennedy.

“Of those 10 suburbs, North Perth, East Perth and Perth saw the most notable improvement in price, with their medians lifting by $20, $20 and $18 respectively, a substantial increase on February and a testament to the increasing demand from tenants,” Mr Collins said.

“Perth’s vacancy rate is currently the lowest it’s been in six years at 2.3 per cent, with declining stock levels and increased tenant demand pushing the market in favour of landlords.

“This shows no signs of abating any time soon, and we’re confident that it’s simply a matter of ‘when’ not ‘if’ Perth’s overall median rent price will increase this year.”