The five suburbs that experienced the most rapid price increases in 2014 have been highlighted by a peak real estate body.
The Real Estate Institute of Western Australia (REIWA) has provided a breakdown of the top five highest growth suburbs inbased on the latest reiwa.com data as recorded for the December 2014 quarter.
Perth's highest growth suburb for the year to December 2014 was Coolbellup, with an annual growth rate of 20.2 per cent, according to the REIWA. The south-of-the-river suburb is located within the City of Cockburn and has an annual median price of $535,000 for the year to December 2014.
With a growth rate of 17.9 per cent is Bicton, 10 kilometres from Perth. Its annual median price for year to December 2014 was $1,049,000. Properties in Bicton can be broken down into 65.3 per cent houses, 20 per cent duplex, villas or townhouses and 14.7 per cent flats, units or apartments.
This suburb registered an annual growth rate of 17.7 per cent. Only 10 kilometres from Perth, Waterford is part of the City of South Perth and registered a population of 2,086 people in the 2011 Census. With a total household number of 668, the property landscape in Waterford is characterised by 90.9 per cent houses and nine per cent duplex, villas and townhouses.
Just behind Waterford is Langford with an annual growth rate of 16.1 per cent. The south-east suburb is 17 kilometres from Perth’s CBD and part of the City of Gosnells. Its annual median price for the year to December 2014 is $441,250. It recorded a population of 5,529 at the 2011 Census, with a total of 1,900 households. Properties in Langford comprise 84.4 per cent houses, 11.1 per cent duplex, villas and townhouses and 4.5 per cent flats, units and apartments.
Rounding out REIWA's top five highest growth suburbs is Mundaring, with 14.7 per cent annual growth. The suburb’s annual median price for the year to December 2014 is $608,000. With 1,163 total households recorded in the 2011 Census, Mundaring comprises predominantly houses at 92.5 per cent, duplexes at 4.1 per cent, villas, townhouses and 2.4 per cent flats, units and apartments.