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Perth’s market recovery fuelled by all price sectors

02 NOV 2021 • By Noemi Pamintuan-Jara • 2 min read • Hotspots

Perth owners and sellers eager to see property values recover from the recent market downturn have garnered some good news after house prices in Perth increased by 18.1 per cent in the year to September 2021.

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The new figure comes after CoreLogic revealed that there was a discrepancy in the reporting of its hedonic index, at only 10.8 per cent back in July, causing the Perth house value index to be undervalued by 8.4 per cent.

The revised figures from CoreLogic align with suburb-level data from the Real Estate Institute of Western Australia (REIWA), which reveals that Perth’s market recovery is fuelled by all price sectors.

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According to REIWA data, 21 of the top 50 suburbs for median house sale price growth in the year to September 2021 were priced in the lower end of the market, 16 in the middle, and 13 in the $1 million and above price category.

Moreover, three Perth suburbs experienced median house price growth rates of more than 30 per cent, with 11 areas going up by more than 20 per cent.

Among these areas, Bicton had the highest median price increase, up 35.7 per cent to $1.25 million.

Ascot came in second with typical property sale prices rising by 30.7 per cent to $824,000, and then Claremont at third spot, up by 30.6 per cent to $1.8 million.

Also worth noting for strong price growth are Salter Point (up 29.4 per cent), Cottesloe (up 25.4 per cent), Medina (up 24.9 per cent), City Beach (up 24.1 per cent), Wannanup (up 23.2 per cent), North Beach (up 23.2 per cent), and Stratton (up 23.2 per cent).

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Property
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.
Noemi Pamintuan-Jara

Noemi Pamintuan-Jara

AUTHOR

Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.

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