Perth’s property market is approaching a new all-time high
While the overall Perth median house sale price in March 2021 failed to eclipse the market’s 2014 peak, parts of the region have reached historic highs.
According to new data released by the Real Estate Institute of Western Australia (REIWA), Perth’s property market is on track to overtake its previous record median sale price of $545,000.
The REIWA said that 20 Perth-based suburbs have now overtaken their 2014 counterparts when it comes to the median sale price, with 12 suburbs now valued at over $1 million or more.
“While the market still has a way to go before it is back to its 2014 peak, the signs are very encouraging that we will achieve that before the end of the year, which will be welcome news for Perth owners and sellers,” REIWA president Damian Collins said.
“When the Perth market hit the bottom in the June 2020 quarter, the Perth median house price sunk to $475,000. A lot of home owners lost value in their properties during the downturn, so it’s pleasing to see the quick gains that have occurred over the last eight months.”
The WA-based institute previously forecasted a 15 per cent price rise in the state by the end of 2021. However, they now believe that a 10 per cent growth in property prices has already been achieved across 20 suburbs in the region.
REIWA’s latest research found that Cottesloe has seen the biggest rebound in price, “with its median lifting 22 per cent since 2014, to $2.262 million in the March 2021 quarter”.
“Floreat was a close second, with its median now sitting 19 per cent above its June 2014 quarter median at $1.565 million.”
|
Suburb |
March 2021 quarter median price |
June 2014 quarter median price |
Percentage change |
|
1. Cottesloe |
$2.262 million
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|
$1.85 million |
22% |
|
2. Floreat |
$1.565 million |
$1.312 million |
19% |
|
3. City Beach |
$1.927 million |
$1.67 million |
15% |
|
4. South Perth |
$1.35 million |
$1.2 million |
13% |
|
5. Nedlands |
$1.75 million |
$1.575 million |
11% |
|
6. Mount Helena |
$545,000 |
$492,000 |
11% |
|
7. Mosman Park |
$1.55 million |
$1.4 million |
11% |
|
8. Bicton |
$1.11 million |
$1.005 million |
10% |
|
9. Bedfordale |
$820,000 |
$749,500 |
9% |
|
10. Shenton Park |
$1.3 million |
$1.2 million |
8% |
|
11. Rossmoyne |
$1.2 million |
$1.13 million |
6% |
|
12. Glen Forrest |
$615,000 |
$580,000 |
6% |
|
13. Woodlands |
$1 million |
$945,000 |
6% |
|
14. East Fremantle |
$1.222 million |
$1.675 million |
5% |
|
15. Mount Nasura |
$472,500 |
$455,000 |
4% |
|
16. Sorrento |
$1.045 million |
$1.01 million |
3% |
|
17. Hilton |
$583,000 |
$565,000 |
3% |
|
18. Connolly |
$720,000 |
$700,000 |
3% |
|
19. Karrinyup |
$861,000 |
$842,500 |
2% |
|
20. Bull Creek |
$770,000 |
$755,000 |
2% |
According to PRD’s most recent Major City Market Update research, “the Perth market showed promising signs of a market turnaround in the past 12 months, with its median house prices growing across all rings. Despite this, affordability remains comparatively higher due to historic price softening”.
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