Ridgewood, Madora Bay and Two Rocks are amongst the 10 Perth suburbs that have seen the biggest percentage increase in sales activity during the 2020-21 financial year.
Real Estate Institute of Western Australia (REIWA) President Damian Collins said six of the 10 suburbs had more than doubled their sales tally in the 2020-21 financial year, compared to the 2019-20 financial year.
“The Perth residential sales market has experienced a rapid turnaround in the last 12 months with sales activity across Greater Perth up 29 per cent overall, and some suburbs have far exceeded that overall figure during that same time frame,” Mr Collins said.
REIWA data showed sales volumes in Ridgewood had increased by 122 per cent in the 12 months to June 2021, while in Madora Bay and Two Rocks, sales were up by 121 per cent and 115 per cent respectively.
“Of the 10 suburbs to make the list, seven had median house prices below the overall Perth median, while only one, Trigg, had a median house price above $1 million dollars,” Mr Collins said.
“First home buyers are very active in Western Australia, which is why the biggest surge in movement is being felt at the more affordable end of the market. We’re lucky in WA that the dream of home ownership is still achievable for a lot of people, who are clearly taking advantage of the relatively affordable prices to secure their first home.
“There is good news for sellers too, with every single suburb on this list having recorded median house sale price growth over the last 12 months.
“It’s pleasing to see sales volumes increase across Perth over the last 12 months. The dominance of the more affordable suburbs on this list suggests that there is particularly strong appetite from WA first home buyers who recognise that now is a great time to take advantage of Perth’s affordable housing before prices inevitably rise further as the market continues its recovery.”