As seen in the Canning Gazette and on Perth Now
ROSSMOYNE’S median house price has soared to an all-time high of $1.2 million, breaking levels not seen since 2014.
New REIWA data shows it is 6 per cent above its $1.13 million peak seven years ago, while the overall Perth median is down 8.2 per cent to $500,000 reflecting the recent market downturn.
Other areas selling at their highest prices include Cottesloe, which had the greatest median growth of 22 per cent, rising from $1.85 million in 2014 to $2.262 million during the March quarter.
In second spot on REIWA’s list, Floreat recorded a $1.565 million median, up 19 per cent from its $1.312 million peak.
REIWA president Damian Collins said while most of the suburbs were from the market’s upper end, there was good representation from all areas.
“It is promising that all sectors of the market appear to be gaining momentum simultaneously,” he said. “When the Perth market hit the bottom in the June 2020 quarter, the Perth median house price sunk to $475,000.
“A lot of homeowners lost value in their properties during the downturn, so it’s pleasing to see the quick gains that have occurred over the last eight months. “While the market still has a way to go before it is back to its 2014 peak, the signs are very encouraging that we will achieve that before the end of the year, which will be welcome news for Perth owners and sellers.”
Looking at Rossmoyne’s result, Pulse Property Group director Di Addenbrooke said there were fewer properties on the market than she had seen in more than 25 years in the industry, with multiple offers being made on properties and sellers receiving well over 10 per cent above market price.
“We are registering numerous buyers, weekly, in all price categories, who have specified what they are looking for and are now waiting, so we don’t see it slowing down at all,” she said.
Di said the well-established suburb offered a large variety of housing, such as affordable small lots for young families to build their long-term home through to multi-million-dollar mansions with some of Perth’s best views.
“Rossmoyne offers some of the best-sized lots for families of all ages, plus the majority of lots can accommodate granny flats, where we see several generations living in comfort together,” Di Addenbrooke said.
“Also, it is still one of the more affordable riverside suburbs.”
She said being within a 10km radius of the Perth CBD, a few kilometres to major shopping centres and having top schools within walking distance were strong drawcards.
Pulse Property Group Buyers Jay and Laurensia Richardson, recently snapped up a 951sqm property near Rossmoyne Primary School with a Federation-style five-bedroom, two-bathroom home for their young family.
“We looked around the Nedlands area and Floreat but it’s a little bit too expensive for what you get,” Mr Richardson said.
“Rossmoyne is a great family area, it’s nice along the river, the school’s got a really good reputation and it’s within walking distance, which is going to be really convenient for us.
“I also really like the style of the house and feel it looks a lot better than new homes.”
PERTH SUBURBS WITH HIGHEST-EVER MEDIAN HOUSE PRICES
Suburb: March quarter 2021 median price, 2014 median price, percentage change
Cottesloe: $2.262 million, $1.85 million, 22%
Floreat: $1.565 million, $1.312 million, 19 %
City Beach: $1.927 million, $1.67 million, 15%
South Perth: $1.35 million, $1.2 million, 13%
Nedlands: $1.75 million, $1.575 million, 11 %
Mount Helena: $545,000, $492,000, 11%
Mosman Park: $1.55 million, $1.4 million, 11%
Bicton: $1.11 million, $1.005 million, 10%
Bedfordale: $820,000, $749,500, 9%
Shenton Park: $1.3 million, $1.2 million, 8%
Rossmoyne: $1.2 million, $1.13 million, 6%
Glen Forrest: $615,000, $580,000, 6%
Woodlands, $1 million, $945,000, 6%
East Fremantle: $1.222 million, $1.167 million, 5%
Mt Nasura: $472,500, $455,000, 4%
Sorrento: $1.045 million, $1.01 million, 3%
Hilton: $583,000, $565,000, 3%
Connolly: $720,000, $700,000, 3%
Karrinyup: $861,000, $842,500, 2%
Bull Creek: $770,000, $755,000, 2%