Perth’s market recovery fuelled by all price sectors
Perth owners and sellers eager to see property values recover from the recent market downturn have garnered some good news after house prices in Perth increased by 18.1 per cent in the year to September 2021.
The new figure comes after CoreLogic revealed that there was a discrepancy in the reporting of its hedonic index, at only 10.8 per cent back in July, causing the Perth house value index to be undervalued by 8.4 per cent.
The revised figures from CoreLogic align with suburb-level data from the Real Estate Institute of Western Australia (REIWA), which reveals that Perth’s market recovery is fuelled by all price sectors.
According to REIWA data, 21 of the top 50 suburbs for median house sale price growth in the year to September 2021 were priced in the lower end of the market, 16 in the middle, and 13 in the $1 million and above price category.
Moreover, three Perth suburbs experienced median house price growth rates of more than 30 per cent, with 11 areas going up by more than 20 per cent.
Among these areas, Bicton had the highest median price increase, up 35.7 per cent to $1.25 million.
Ascot came in second with typical property sale prices rising by 30.7 per cent to $824,000, and then Claremont at third spot, up by 30.6 per cent to $1.8 million.
Also worth noting for strong price growth are Salter Point (up 29.4 per cent), Cottesloe (up 25.4 per cent), Medina (up 24.9 per cent), City Beach (up 24.1 per cent), Wannanup (up 23.2 per cent), North Beach (up 23.2 per cent), and Stratton (up 23.2 per cent).
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