Perth property continues to grow in value in 2022

Perth has so far been able to buck the slowing property market in 2022, with 29 suburbs seeing double-digit growth.

According to data from the Real Estate Institute of Western Australia (REIWA), family-friendly Mount Hawthorn, just north of the CBD, experienced the strongest growth so far in 2022, with the median price increasing 16.3 per cent to $1.265 million.

North Perth came in second, with 15.8 per cent growth, followed by the outer suburbs Warwick (14.8 per cent growth), Carine (14.3 per cent growth) and Iluka (14.1 per cent growth).

REIWA President Damian Collins said while the overall Perth market had seen prices grow 4.2 per cent so far this year, there were a considerable number of suburbs that had far exceeded that figure.

“These 29 suburbs have experienced substantial price growth in a relatively short period of time, which is very impressive – especially when you factor in the four rate rises since May,” Mr Collins said.

“It will be interesting to observe how they perform for the remainder of the year and whether they can sustain the momentum of this growth trajectory.”

Further analysis revealed an additional 105 Perth suburbs had seen price growth of five per cent or more during the 2022 calendar year to date.

“REIWA agents on the ground continue to report solid market conditions, and this is reflected in the large number of suburbs that have seen strong price growth in 2022,” Mr Collins said.

“While interest rate rises will naturally have some impact on our local market, West Australians are the best placed in the country to manage the costs of servicing a loan.

“Not only do we have the most affordable housing in the country, and a strong economy and jobs market, but we also have a housing shortage and growing population. 

“While there may be some fluctuation month to month, all these factors point to Perth’s current growth cycle continuing.”

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Rowan Crosby

Rowan Crosby is a senior journalist at Elite Agent specialising in finance and real estate.