1 MIN READBuyer interest in $1m properties soars
The low cost of debt and high household savings are enabling Australians to buy more expensive properties, new research ...
Read More
SHARE 
The REIWA’s earlier forecasts for Perth’s property market are on track to be exceeded, with 20 suburbs recording better-than-expected price growth.
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.
Nine of the suburbs on the REIWA’s shortlist boast a median house sale price below the PerthPerth, TAS Perth, WA average of $508,000. Eleven suburbs came in above that figure, while eight suburbs landed a median house sale price of greater than $1 million.
According to REIWA president Damian Collins, “The recovery of the market is widespread across Greater Perth. Six to eight months ago, it was mainly the higher end of the market showing strong growth, but now we are seeing movement across the board.”
“From Mandurah to Yanchep, REIWA agents on the ground have been telling us that the property market is strong, and this is reflected in the eclectic mix of suburbs that have made this list.
“Bicton has experienced the strongest price growth in the first four months of the year, with its median house price increasing 20 per cent to $1.14 million between 31 December 2020 and 30 April 2021. This was followed by North BeachNorth Beach, SA North Beach, WA (up 17 per cent to $1.05 million), SorrentoSorrento, VIC Sorrento, WA (up 16 per cent to $1.118 million) and Applecross (up 15 per cent to $1.79 million),” Mr Collins said.
“For these suburbs to be only a third of the way through the year and already achieving price growth of this magnitude is quite impressive. It will be interesting to see if they can maintain this momentum as the year progresses.”
Check out the table below for a breakdown of how median house sale prices have grown:
|
SUBURB |
MEDIAN HOUSE SALE PRICE DEC 2020 |
MEDIAN HOUSE SALE PRICE APR 2021 |
PERCENTAGE CHANGE |
|
1. Bicton |
$950,000 |
$1.14 million |
20% |
|
2. North Beach |
$900,000 |
$1.05 million |
17% |
|
3. Sorrento |
$960,000 |
$1.118 million |
16% |
|
4. Applecross |
$1.56 million |
$1.79 million |
15% |
|
5. ClaremontClaremont, TAS Claremont, WA |
$1.503 million |
$1.7 million |
13% |
|
6. Medina |
$230,000 |
$260,000 |
13% |
|
7. Maddington |
$283,500 |
$320,000 |
13% |
|
8. Palmyra |
$635,000 |
$715,000 |
13% |
|
9. Coodanup |
$292,550 |
$329,000 |
12% |
|
10. Attadale |
$1.165 million |
$1.3 million |
12% |
|
11. Parmelia |
$247,000 |
$275,000 |
11% |
|
12. City Beach |
$1.8 million |
$2 million |
11% |
|
13. Wembley Downs |
$975,000 |
$1.08 million |
11% |
|
$850,000 |
$940,000 |
11% |
|
|
15. DarlingtonDarlington, NSW Darlington, WA Darlington, NSW Darlington, SA |
$620,000 |
$685,000 |
10% |
|
16. Orelia |
$240,000 |
$265,000 |
10% |
|
17. RedcliffeRedcliffe, WA Redcliffe, QLD |
$399,000 |
$440,000 |
10% |
|
18. Bertram |
$335,000 |
$369,000 |
10% |
|
19. Brookdale |
$252,000 |
$277,500 |
10% |
|
20. Girrawheen |
$300,000 |
$330,000 |
10% |
SHARE
Get notifications in real-time for staying up to date with content that matters to you.
Copyright © 2021 Smart Property Investment
