Top five Perth suburbs for median house and unit price growth

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DESPITE the median house price showing a slight decrease in 2018, there are plenty of suburbs seeing strong price growth – with one even seeing the average jump by nearly 30 per cent.

The Real Estate Institute of WA (REIWA) has exclusively compiled the top five suburbs for median house and median unit price growth in the 12 months to 2018 for Community News.

Median house price growth: top Perth suburbs

5. Glen Forrest

Kicking off with Glen Forrest in number five, the suburb shows an annual median house price growth of 13.4 per cent. Located in the hills 25km east of Perth, Glen Forrest has a median house price of $555,000, making it the most affordable suburb on the list and also the furthest suburb on the list from the Perth CBD. Glen Forrest recorded 30 houses sold during the 12 months to October 2018.

4. West Leederville

West Leederville’s median house price comes in at $1.25 million, an increase in price of 13.6 per cent in the year to October 2018. West Leederville is popular among buyers looking to invest close to the city with easy access to transport, shops, restaurants and recreational facilities. During the year to October, 44 houses were sold in West Leederville.

3. South Perth

With an annual growth rate of 14.9 per cent to its median house price in the year to October 2018, South Perth takes out third place. Buyers are drawn to the suburb because of its affluent lifestyle opportunities – offering investors plenty of advantages, including its fantastic riverside location and breathtaking views. In the 12 months to October 2018, 98 houses were sold in South Perth with its median house price recorded at $1.31 million.

2. Kensington

Next on the list is Kensington with an annual median house price growth of 15.6 per cent – which takes its median house price to $887,500. Kensington is a popular suburb among university students due to its close proximity to Curtin University. Investors looking to secure a property will be drawn to the suburb’s scenic landscapes and convenient proximity to transport. During the 12 months to October, Kensington recorded 46 houses sales in the area.

1. Mount Pleasant

Mount Pleasant is Perth’s top growth suburb for houses, with an annual increase of 25.9 per cent to its median house price in the 12 months to October 2018 – taking the figure to $1.24 million. Mount Pleasant proves to be in demand by buyers, with 107 houses sold in the year to October 2018. The riverside suburb offers investors a charming lifestyle close to Perth City and Fremantle.

The top five Perth suburbs for median house price growth in 12 months to October 2018. Source: REIWA/Landgate.

 

Median unit price growth: top Perth suburbs

5. Claremont

Kicking off the top five is Claremont. Claremont recorded an eight per cent increase to its median unit price in the year to October 2018, taking it to $721,000. This growth can be attributed to Claremont’s lifestyle opportunities. Claremont offers investors and tenants numerous advantages including its close proximity to the beach, shopping centres, schools and public transport.

4. Fremantle

Next on the list is Fremantle, which saw its median unit price grow by 9.3 per cent in the year to October 2018. Fremantle is a highly sought after suburb, with buyers being drawn to its coastal location and bustling atmosphere. This demand is evident by the 111 unit sales recorded in the 12 months to October. The median unit price in Fremantle is $530,000.

3. North Fremantle

With 21.1 per cent annual growth to its median unit price in the year to October 2018, North Fremantle presents attractive investment opportunities for investors and tenants alike due to its prime coastal location and proximity to the bustling streets of Fremantle. In the 12 months to October 2018, 54 units sold in North Fremantle.

2. Wembley

Wembley’s median unit price lifted 13.6 per cent during the year to October 2018, taking it to $347,500. Wembley is a large western suburb of Perth, exceeding 10,500 people – making it an excellent investment opportunity. Wembley’s unit price growth can be attributed to its large population, suggesting demand continues to thrive in the area. There were 96 units sold in Wembley during the year to October 2018.

1. Glendalough

Glendalough tops the list for the highest annual growth for units. The median unit price increased 28.5 per cent to $325,000 during the 12 months to October 2018. Glendalough is characterised by multi-unit residential developments with older character housing providing investors with plenty of investment options. In the year to October 2018, 45 units were sold in Glendalough.

Top five Perth suburbs for median unit price growth in the 12 months to October 2018. Source: REIWA/Landgate.