Five of Perth’s top 10 price growth suburbs saw their median house price soar above $1 million for the first time last financial year.
New statistics from the Real Estate Institute of Western Australia (REIWA) show Marmion, Gwelup, Mount Hawthorn, Fremantle and North Perth all had median house sale prices under $1 million at the end of June 2021.
“Fast forward 12 months and their medians now sit comfortably above $1 million,” REIWA President Damian Collins said.
“Even more impressive, is that for each of those five suburbs, this is the first time they have recorded median house sale prices above $1 million. “
Marmion recorded the most house price growth in the 2021-2022 financial year, with the median sale price soaring 39.7 per cent from $966,250 to $1.35 million.
Gwelup started with a median house sale price of $882,500 and finished the financial year at $1.112 million.
Mount Hawthorn followed with 32.8 per cent growth, and a median house sale price that rose from $952,500 to $1.265 million.
Mr Collins said the Perth property market conditions were strong, which was reflected in the high growth rates of the top 10 suburbs.
“Each suburb on this list experienced median house sale price growth of more than 26 per cent in just 12 months, which is significant and suggests competition amongst buyers is high,” Mr Collins said.
Of the 10 suburbs on the list, nine had median house sale prices above $1 million.
“While price growth has been widespread across all price points over the last 12 months, it is Perth’s luxury market that has dominated this list.
“Good quality homes in desirable locations are achieving positive outcomes for sellers in these areas.”
While property markets across Australia have started to decline, the market in WA and Perth has fared much better, Mr Collins noted.
“REIWA anticipates Western Australia’s strong residential property market conditions will continue for some time, driven by the state’s healthy economy, ongoing population growth and housing shortage,” Mr Collins said.