09/01/2019 - 16:09

Strong growth for Perth’s luxury suburbs

09/01/2019 - 16:09

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Seven out of the 10 Perth suburbs to have achieved the largest median house price increase in 2018 have at least a 37 per cent higher sale price than the overall Perth median of $505,000, according to the latest Reiwa data.

Strong growth for Perth’s luxury suburbs
Three of the top five suburbs had a median sale price over $1.2m.

Seven out of the 10 Perth suburbs to have achieved the largest median house price increase in 2018 have at least a 37 per cent higher sale price than the overall Perth median of $505,000, according to the latest Real Estate Institute of Western Australia data.

Three of the top five suburbs had a median sale price over $1.2 million and a median sale price growth of at least 20 per cent, compared with the overall Perth median growth of negative 1.9 per cent.

The suburb of Brabham came first with a median sale price growth of 31.8 per cent, and was the only suburb in the list below Perth’s overall median price for the year.

Reiwa president Damian Collins said caution should be exercised in translating these figures to the values of the properties in newly developed suburbs, such as Bradham.

“Suburbs with newer stock can see changes in median prices that are out of step with the underlying individual property values,” he said.

Madora Bay was second with a median sale price growth of 28.7 per cent, but had the equal lowest sales volume on the list.

Mr Collins said the figures highlighted strong conditions in Perth’s luxury housing market.  

“While sales volumes in the lower-priced end of the Perth market remains soft, activity in the $800,000-plus price range has strengthened, which has created increased demand among buyers and contributed to the improvement in median house price that we’ve seen in suburbs like Mount Pleasant, Claremont, West Leederville, Kensington, South Perth, Alfred Cove and Shelley,” he said.

All seven suburbs with a median house price above $800,000 had faster average selling times than the overall Perth market.

“It took an average of 69 days to sell a house in Perth during 2018, whereas in suburbs like Kensington (41 days), Claremont (49 days) and West Leederville (49 days), sellers are securing buyers for their properties a lot faster," Mr Collins said.

“This data shows that home owners in these aspirational suburbs who are thinking of selling are well placed to secure a sale at a favourable price.”

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