Perth’s top price growth suburbs for 2018 unveiled
New data has shown the top 10 suburbs in Perth for price growth over calendar year 2018, with luxury property seeing a rise in popularity.
According to the Real Estate Institute of Western Australia’s president Damian Collins, despite Perth’s overall subdued property market, there were some stand out suburbs that experienced large median price growth.
Topping this list was Brabham, followed by Madora Bay.
“Brabham experienced substantial growth last year, with its median increasing 31.8 per cent from $305,000 to $402,000, with Madora Bay coming in second, with its median lifting 28.7 per cent to $560,000 during 2018,” Mr Collins said.
“However, caution should be exercised in translating these figures to the values of the properties in these areas. Suburbs with newer stock can see changes in median prices that are out-of-step with the underlying individual property values.”
Out of the top 10 suburbs, Brabham was the only suburb with median house prices below Perth’s median, which declined by 1.9 per cent to $505,000, according to REIWA data.
Meanwhile, seven places had median prices above $800,000, which Mr Collins said this was a positive sign for the market.
“While sales volumes in the lower-priced end of the Perth market remains soft, activity in the $800,000 plus price range has strengthened, which has created increased demand among buyers and contributed to the improvement in median house price that we’ve seen in suburbs like Mount Pleasant, Claremont, West Leederville, Kensington, South Perth, Alfred Cove and Shelley,” he said.
REIWA data also revealed these seven suburbs with a median house price above $800,000 were also experiencing faster average selling times than the overall Perth market.
“It took an average of 69 days to sell a house in Perth during 2018, whereas in suburbs like Kensington (41 days), Claremont (49 days) and West Leederville (49 days), sellers are securing buyers for their properties a lot faster,” Mr Collins said.
“Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices. This data shows that home owners in these aspirational suburbs who are thinking of selling are well-placed to secure a sale at a favourable price.
The top 10 Perth suburbs for price growth in 2018, according to the REIWA, are:
|
Suburb |
Median house price
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|
Price growth (as a percentage) |
|
1. Brabham |
$402,000 |
31.8% |
|
2. Madora Bay |
$560,000 |
28.7% |
|
3. Mount Pleasant |
$1.246 million |
25.9% |
|
4. Claremont |
$1.512 million |
23.5% |
|
5. West Leederville |
$1.25 million |
21.4% |
|
6. Kensington |
$903,000 |
19.6% |
|
7. South Perth |
$1.2 million |
13.9% |
|
8. South Yunderup |
$540,000 |
13.7% |
|
9. Alfred Cove |
$810,000 |
11.7% |
|
10. Shelley |
$960,000 |
9.7%
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