Two eastern suburbs join $1 million club

Two eastern suburbs join $1 million club

Figures collated by RP Data-Rismark show that over the past financial year median house prices in 39 suburbs and towns in WA rose to more than $1 million.

Pickering Brook weighed in for the first time at number 36 on the list of most expensive suburbs with a median price of $1.2 million.

According to the latest data for the Real Estate Institute of WA, home prices in the orchard region suburbs have climbed about 15 per cent over the past five years, compared with just 4.6 per cent for the Perth metropolitan region.

According to the 2011 Census, the population of Pickering Brook is less than 600 living in a little more than 200 homes.

About 60 per cent of the population works full-time in positions such as managers (21 per cent), tradies (16 per cent), professionals (14 per cent), and clerical and administrative workers (11 per cent).

More than 32 per cent of the population works on a part-time basis.

West Swan is at number 35 on the list, also with a median price of $1.2 million.

Homes in the region have bucked the trend of a recent Perth housing market decline, appreciating by more than 4 per cent over the past financial year.

WA’s most expensive suburb remains Peppermint Grove, where the median house is $3.7 million.

Dalkeith ($2.5 million), Cottesloe ($2 million), City Beach ($1.8 million), Applecross ($1.6 million), Swanbourne ($1.6 million) and Mosman Park ($1.4 million) are all among the most expensive parts of the state.

RP Data research analyst Cameron Kusher said lower interest rates were leading to higher prices.