The 10 Perth suburbs defying the property downturn

Stock image.
Stock image.

IT IS not all doom and gloom for the property market, with several suburbs recording significant price growth since the start of the 2014 downturn.

Reiwa’s list of the top 10 growth suburbs showed riverside Mt Pleasant experienced the highest growth, with its median price increasing 16.4 per cent from $1.08 million in 2014 to $1.25 million in 2019.

President Damian Collins said it was one of the few suburbs in Perth that had seen its median increase to an all-time high.

Ardross was close behind, recording a 15.3 per cent increase in its median price, up from $880,000 to $1.015 million over the reporting period, followed by West Leederville where the median rose 14.9 per cent from $1.092 million to $1.25 million.

Mr Collins said the biggest trend in terms of lifestyle appeared to be the push towards the luxury market.

“Of the 10 suburbs, reiwa.com analysis shows nine had median house prices above $800,000 and seven were in the $1 million and above price range,” he said.

“While sales volumes in the lower-priced end of the Perth market remains soft, activity in the $800,000 plus price range has strengthened, which has created increased demand among buyers and contributed to the improvement in median house price that we’ve seen in suburbs like Mt Pleasant, Ardross, West Leederville, Cottesloe, South Fremantle, Shelley and Claremont.

“Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices.

“These areas are clearly striking a chord with WA property seekers, which should provide local sellers with some confidence that they can achieve a quick sale at a competitive price.”

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