WA homebuyers are jumping at the chance to secure family homes in areas that were previously out of reach, resulting in significant median house price growth last year in Perth’s most desirable suburbs.
North Fremantle, Applecross and Dalkeith recorded the biggest rises in median house price of more than 20 per cent, and all but three of the top 10 suburbs had medians exceeding $1 million.
“Perth’s highly prized suburbs are leading the way in the recovery of the WA market,” REIWA president Hayden Groves said.
“We’ve seen listing stock tighten considerably over the past 12 months, with good quality family homes attracting a lot of attention in aspirational areas.
“With the WA economy gaining strength and owner-occupier loans at their most affordable in decades, buyers recognise now is the time to secure a family home in areas previous out of reach for many.”
REIWA.com analysis also found nine of the 10 suburbs had faster selling times than the Perth metro region.
“In the space of a year, we’ve seen prices in these locations recover substantially from their low point in late 2016,” Mr Groves said.
“It takes an average 67 days to sell a house in Perth whereas in suburbs such as Leederville – 32 days – and Trigg, sellers are securing buyers much faster.
“Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices.”
The Perth suburbs boasting the biggest increases in median house price:
North Fremantle, $1,200,000, 26.3 per cent
Applecross, $1,550,000, 24.0 per cent
Dalkeith, $2,600,000, 20.9 per cent
Mount Helena, $540,000, 20.0 per cent
Leederville, $905,000, 17.7 per cent
Trigg, $1,155,000, 17.6 per cent
Bicton, $1,011,000, 17.3 per cent
Perth, $805,000, 16.7 per cent
Cottesloe, $1,951,000, 14.1 per cent
North Beach, $1,017,500, 13.1 per cent
Perth metro region, $520,000, per cent
*Year to December 2017.