Ten Perth suburbs that recorded well below 10 per cent price growth last year have been singled out as the areas primed for capital growth in 2022.
New data from the Real Estate Institute of Western Australia shows Mount Sasura, Wellard and Ashby are the top suburbs geared for price rises.
REIWA President Damian Collins said the top 10 were suburbs that had relatively low price growth in 2021, but an increase in sales volumes of at least 50 per cent.
“It is often the suburbs that have high sales volumes and lagging prices that offer the best growth potential,” Mr Collins said.
“They tend to have more ground to make up, especially if the suburb is in high demand with buyers.”
The figures show that while Mount Nasura recorded a 50 per cent boost in the number of sales in 2021, the median house price rose just 0.6 per cent to $475,000.
Sales volumes jumped 80 per cent in Wellard but the median house price climbed just 4 per cent.
This is well below the overall Perth market growth rate of 13.1 per cent.
“Where we see the potential in these suburbs is looking at their sales figures, all of which saw a significant increase in sales in 2021,” Mr Collins said.
“While there is no crystal-ball for property, suburb-level analysis of how individual areas are performing helps provide insight as to where the next big growth areas will be.”
Of the 10 suburbs on the list, eight have median house sale prices below $500,000.
The suburb with the highest median price was Madeley at $610,000, followed by Mount Helena at $540,000.
“This indicates demand is largely being driven by first home buyers who have taken advantage of Perth’s affordable prices to secure their spot on the property ladder in these accessible suburbs,” Mr Collins said.
