20 Perth suburbs with the most impressive turnarounds post-pandemic
Value of homes and sales activity in Perth have nearly doubled since the pandemic began in March 2020, according to recent data.
The Real Estate Institute of Western Australia (REIWA) has revealed that home values have climbed by over 22 per cent, with sales activity increasing by 56 per cent.
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Moreover, the average time to sell a home has decreased from 43 days to just 14 days over the same time period.
The suburb of Salter Point has seen the steepest price growth, with the median property sale price now resting at $1.63 million, up 75.3 per cent since March 2020.
Price increases of 40 to 50 per cent were seen at Bicton, Ascot, Shenton Park, Medina, City Beach, Wannanup, and Silversands, while Koondoola and Camillo saw increases of at least 30 per cent.
REIWA president Damian Collins acknowledged the pandemic’s impact on all facets of society and has also touted the remarkable rebound of Perth’s property market.
“After we came out of the first lockdown and restrictions eased, many people looked to take advantage of WA’s affordable housing and low interest rates. The Perth residential sales market was reinvigorated, and we haven’t looked back,” Mr Collins said.
Top 10 suburbs for price growth since March 2020
|
SUBURB |
MEDIAN HOUSE SALE PRICE |
PRICE GROWTH SINCE MARCH 2020 |
|
1. Salter Point |
$1.63 million |
75.3%
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|
|
2. Bicton |
$1.3 million |
49.3% |
|
3. Ascot |
$860,000 |
48.3% |
|
4. Shenton Park |
$1.655 million |
47.0% |
|
5. Medina |
$285,000 |
46.2% |
|
6. City Beach |
$2.3 million |
42.9% |
|
7. Wannanup |
$599,000 |
40.9% |
|
8. Silversands |
$520,000 |
40.2% |
|
9. Koondoola |
$365,000 |
38.5% |
|
10. Camilo |
$300,000 |
38.2% |
*Data is for the year to March 2022 versus the year to March 2020.
Furthermore, REIWA highlighted another fundamental metric that has changed dramatically since March 2020 – the number of listings for sale.
According to its website, there were only 7,796 properties for sale in Perth at the end of March 2022, down 37 per cent from 12,295 two years prior.
“The pandemic has seen a return to net interstate migration into WA, which has certainly exacerbated Perth’s housing shortage, with far fewer properties available for sale than there was this time two years ago. With the borders now open, we are hopeful more skilled workers will be attracted to the state to help complete construction and create new housing,” Mr Collins said.
Top 10 suburbs for sales volume growth compared to March 2020
|
SUBURB |
MEDIAN HOUSE SALE PRICE |
SALES GROWTH VERSUS MARCH 2020 |
|
1. Ridgewood |
$412,000 |
192% |
|
2. Dayton |
$455,000 |
157% |
|
3. Coodanup |
$308,000 |
153% |
|
4. Mandurah |
$315,000 |
139% |
|
5. Yanchep |
$450,000 |
136% |
|
6. Leda |
$339,000 |
136% |
|
7. Clarkson |
$425,000 |
132% |
|
8. Medina |
$285,000 |
128% |
|
9. Two Rocks |
$408,000 |
125% |
|
10. Alkimos |
$431,000 |
125% |
*Data is for the year to March 2022 versus the year to March 2020.
Perth has seen its property values plummet and sales decline for quite some time, making the pivot in market conditions in the last two years a big boost to the real estate industry.
“We don’t anticipate market conditions slowing any time soon, with a further 10 per cent price growth expected in the 2022 calendar year,” Mr Collins said.
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