Top 10 suburbs for unit price growth in Perth

According to REIWA President Damian Collins, Perth’s “unit prices were especially impacted during the market downturn, falling 17 per cent since their peak compared to house prices which fell 13 per cent.”

When the market picks up and prices rebound, the housing market usually leaves the unit market behind. But not in Perth.

Perth’s suburbs saw unit price growth overtaking houses, with an increase as high as 39.3 per cent recorded in Mosman Park.

“Competitive market conditions have been a driving factor of the strong unit price growth in these suburbs, with many buyers broadening their search to include units,” Mr Collins explained.

“In addition, many people are opting for units as a more affordable lock and leave option, getting them into affluent suburbs like Mosman Park where the median house price is nearly four times more than the median unit price.”

The strong performance of Perth’s unit market has seen its median unit sale price rise up to $405,000, representing a 5.2 per cent increase in the last six months.

Mr Collins praised this positive turnaround and predicted that this trend will be sustained in the coming months:

“It’s pleasing to see such steady growth across the Perth unit market, and we don’t see this slowing down any time soon. With continued buyer demand and low available stock, more buyers may turn to units as an alternative entry into the WA property market.”

“As unit prices continue to recover, we should see the gap created by the previous downturn narrow, with growth likely to continue into 2022,” Mr Collins said.

According to REIWA, these are the top 10 Perth suburbs where unit price growth is outpacing house price growth:

Suburb Loading form...	Median House Price	Annual Change	Median Unit Price	Annual Change	Rate of Unit Growth Compared to House Growth
1. Joondalup	$529,000	7.6%	$402,500	31.8%	x4.16
2. Maylands	$720,000	9.1%	$382,700	32.0%	x3.52
3. Rockingham	$421,250	10.9%	$282,500	34.5%	x3.18
4. North Perth	$900,500	3.2%	$448,000	9.3%	x2.89
5. Mosman Park	$1.625 million	16.1%	$430,000	39.3%	x2.44
6. Como	$940,000	9.4%	$489,000	18.7%	x2.00
7. Balcatta	$510,000	7.6%	$378,500	14.7%	x1.94
8. Rivervale	$550,000	8.9%	$398,250	14.4%	x1.62
9. Hamilton Hill	$525,000	19.3%	$344,000	28.6%	x1.48
10. Mount Lawley	$1.077 million	13.4%	$399,000	19.3%	x1.44 You need to be a member to post comments. Become a member for free today! Related articles Author Noemi Pamintuan-jara Know more More from this writer: Construction costs reach highest level since GST implementation 10 economic powerhouses boasting strong property markets 20 Perth suburbs with the most impressive turnarounds post-pandemic Mixed bag for home values as Australia shifts to multi-speed market The basic principles that can become a 31-property portfolio Most expensive and most affordable rental suburbs in Australia’s capital cities What’s the likely outcome of a cash rate hike for investors?