10 Perth suburbs that saw more than 30% price growth in FY23–24
Most of the suburbs saw properties snapped up in eight days or less, pointing to the competitive nature of the local market.
The Real Estate Institute of Western Australia (REIWA) has crunched the numbers on the Western Australian capital’s top performing suburbs over the last 12 months, capping off a record year for the local market.
REIWA CEO Cath Hart said: “While volumes were slightly down, the total value of property transactions was nearly $40 billion for the year which reflects the sustained price increases we’ve seen in the WA market.
“The median house sale price set a new record month after month over the financial year, and is now $665,000 for the year to June 2024.”
Hart flagged this is 18.8 per cent higher than at the end of FY23.
Looking to the city’s standout performers over the 12-month period, Hart acknowledged affordability “remains a focus for buyers”.
“This is reflected in the makeup of the top 10 suburbs for house price growth.”
Pointing out that the majority of the ranking have a median sale price below the Perth median, she also noted that only two of the suburbs have a median house sale price of more than $1 million.
“It indicates strong demand for suburbs in more affordable price brackets,” she continued.
Selling times have also shown an indicator of the strong demand for certain suburbs, with Hart declaring “the more affordable suburbs on the list have a median time on market that is nearly half that of the suburbs with a median over $1 million”.
So, which suburbs saw the largest change in annual house price?
- Viveash
Annual house sale price: $620,000
Change in price over 12 months: 40.9 per cent
Annual median selling period: Seven days
- Hillman
Annual house sale price: $537,000
Change in price over 12 months: 39.5 per cent
Annual median selling period: Five days
- Armadale
Annual house sale price: $460,000
Change in price over 12 months: 39.4 per cent
Annual median selling period: Seven days
- Midvale
Annual house sale price: $515,000
Change in price over 12 months: 38.3 per cent
Annual median selling period: Eight days
- Shelley
Annual house sale price: $1,269,999
Change in price over 12 months: 38 per cent
Annual median selling period: 15 days
- Kallaroo
Annual house sale price: $1,220,500
Change in price over 12 months: 37.1 per cent
Annual median selling period: 14 days
- Kelmscott
Annual house sale price: $503,600
Change in price over 12 months: 35.3 per cent
Annual median selling period: Eight days
- Henley Brook
Annual house sale price: $735,000
Change in price over 12 months: 35.2 per cent
Annual median selling period: Nine days
- Lockridge
Annual house sale price: $513,000
Change in price over 12 months: 35 per cent
Annual median selling period: Eight days
- Haynes
Annual house sale price: $605,000
Change in price over 12 months: 34.7 per cent
Annual median selling period: Eight days