Brabham, Madora Bay and Mount Pleasant are among the 10 Perth suburbs to have achieved the largest increase in median house price in 2018, according to the latest reiwa.com data.
REIWA President Damian Collins said while the overall Perth market was fairly subdued during 2018, there were a number of Perth suburbs that had defied this trend to record significant median price growth last year.
“Brabham experienced substantial growth last year, with its median increasing 31.8 per cent from $305,000 to $402,000, with Madora Bay coming in second, with its median lifting 28.7 per cent to $560,000 during 2018. However, caution should be exercised in translating these figures to the values of the properties in these areas. Suburbs with newer stock can see changes in median prices that are out of step with the underlying individual property values,” Mr Collins said.
Of the 10 suburbs on the list, reiwa.com data shows Brabham was the only suburb with a median house price below the overall Perth market median, while seven of the 10 suburbs had median house prices above $800,000, with four of those seven being in the $1 million and above price range.
“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,” Mr Collins said.
reiwa.com analysis also found 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.
“Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices. 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.”
The 10 highest price growth suburbs in Perth in 2018:
|SUBURB||MEDIAN HOUSE PRICE||ANNUAL GROWTH|
|2. Madora Bay||$560,000||28.7%|
|3. Mount Pleasant||$1.246 million||25.9%|
|4. Claremont||$1.512 million||23.5%|
|5. West Leederville||$1.25 million||21.4%|
|7. South Perth||$1.2 million||13.9%|
|8. South Yunderup||$540,000||13.7%|
|9. Alfred Cove||$810,000||11.7%|
|Overall Perth market||$505,000||-1.9%|