Central Perth experiences significant price growth says REIWA

Central Perth experiences significant price growth says REIWA

PERTH’S central sub-region has achieved significant house price growth despite challenging residential property market conditions, the latest REIWA figures show.

Lathlain topped the list of metropolitan suburbs recording gains in the year to May and was the only one to break the 10 per cent barrier, with its median up 11 per cent to $860,000.

It was followed by Swanbourne, where the median increased 9.3 per cent to $1.65 million, and South Fremantle, with a 7.2 per cent rise to $1.04 million.

Apart from the central sub-region, which comprises the local government areas of Bassendean, Bayswater, Belmont, Canning, Fremantle, Melville, Perth, South Perth, most of Stirling, Victoria Park, Vincent and the western suburbs, there were also good performers in the north-west metro area.

Overall, 31 suburbs experienced positive house growth, 188 suburbs had negative growth and four recorded no change in values, resulting in a median of $535,000 for Perth.

REIWA president Hayden Groves said it was encouraging for home owners that there were pockets throughout the metro area that had performed well and enjoyed positive price growth in more complex market conditions,

The high-growth suburbs were in the trade-up sector, not first-home buyer territory.

“This shows that more home owners are recognising there is plenty of opportunity in the current real estate market to take their next step,” he said.

Perth’s highest growth suburbs (year to May)

1. Lathlain

Median: $860,000 (11 per cent growth)

2. Swanbourne

Median: $1.650 million (9.3 per cent growth)

3. South Fremantle

Median: $1.04 million (7.2 per cent growth)

4. Applecross

Median: $1.4925 million (6.4 per cent growth)

5. Churchlands

Median: $1.38 million (6.2 per cent growth)

6. Burns Beach

Median: $915,000 (3.6 per cent growth)

7. Landsdale

Median: $600,000 (3.4 per cent growth)

8. Como

Median: $910,000 (3.4 per cent growth)