Which Perth suburbs recorded the biggest capital growth in FY23?

“Resilience was the key theme for the WA property market in 22–23, with Perth emerging as the only capital city to record moderate price growth over the financial year despite constant interest rate rises,” she stated.

She credited the market’s strong performance to the state’s strong economy, low unemployment rate, lower-than-average mortgages and higher-than-average wages.

Data showed the Perth house market performed better than the unit market, with the median house price rising 4.6 per cent to a new high of $555,000 over the financial year. The median unit price fell 3.2 per cent to $399,000.

Winthrop recorded the most price growth for houses, with its median increasing 25.3 per cent to $1.25 million.

Other suburbs in the top 10 for house price growth were Middle Swan (up 21.6 per cent to $413,500), Bullsbrook (up 20.1 per cent to $462,500), Lathlain (up 19.4 per cent to $940,000) and Parmelia (up 19.2 per cent to $375,500).

Rounding out the list of top-performing suburbs for house price growth in FY23 were Trigg (up 18 per cent to $1.77 million), South Perth (up 17.4 per cent $1.79 million), Coodanup (up 17 per cent to $388,000), Orelia (up 16.6 per cent to $378,888) and Cooloongup (up 16.4 per cent to $420,845).

Ms Hart pointed out that the top 10 suburbs for price growth during the current financial year had notable differences in their composition compared to the previous year.

“Six of the suburbs in this year’s top 10 were under the median house price whereas last year none were under the median house price and nine were priced over $1 million,” she stated.

Another difference she highlighted was that all the suburbs on last year’s list recorded growth of more than 26 per cent, while this year none saw that level of growth and only three recorded growth over 20 per cent.

She said while the WA market saw moderate expansion overall, with “strong growth” recorded in some suburbs, the executive acknowledged the rate of growth slowed over the past 12 months.

“It’s not a concern, as steady growth is preferable to significant jumps in prices.

“What I would say to people who look at their suburb and perhaps notice a decline in its median price this year is to look back over previous years. It may have seen exceptional growth a year ago and is just coming down off a high,” she stated.

In the unit market, Bibra Lake was the top performer, with the median value of apartments in the suburb rising 32.6 per cent to currently stand at $315,000.

Other suburbs in the top 10 list of median price growth for units were Booragoon (up 31 per cent to $687,500), Erskine (up 24.2 per cent to $385,000), Mount Pleasant (up 20.5 per cent to $735,500) and Crawley ( up 16.5 per cent to $670,000).

Closing out the top 10 biggest movers in the median unit price were Orelia (up 16.4 per cent to $192,000), Baldivis (up 14.5 per cent to $360,000), Burswood ( up 13.9 per cent to $655,000), Melville (up 13.6 per cent to $567,500) and Balga (up 13.4 per cent to $300,000).

Notably, half of the suburbs in the top 10 for unit price growth were under the median unit price.