A JUMP in median house prices in several waterfront suburbs could signal the start of renewed interest in Perth’s property market, with one beachside locale seeing almost 30 per cent growth in the past quarter.
Trigg reported the highest growth of 27.3 per cent, hitting a median price of $1.4 million, followed closely behind by Applecross (25 per cent) and Bicton (24.2 per cent).
Realmark Coastal sold five properties during the April 1 to June 30 period, including a $3.61 million property on West Coast Drive – the most expensive sold in Trigg during the quarter – and another for $2.95 million on Bennion Street.
Realmark Coastal director Sean Hughes said Trigg tended to perform all year round as buyers kept a close watch on the market in all seasons.
“We have lots of buyers waiting for properties to come up in Trigg,” he said.
“Buyer inquiries for top-end homes have increased ,with several records being set at and above the $3 million mark with us.”
Local agent and Davey Real Estate North Beach partner Phil Pope said even though Trigg was a keenly sought-after coastal suburb, it was not immune to the effects of general market influences.
“The higher-end properties are generally the most affected during a softening market and tend to be the last to spike again when we see confidence back in the market,” he said.
“The last five listings I have had in Trigg recently have seen incredible buyer activity, with all receiving multiple offers in the first two weeks of going to market.
“Buyers are seeing great opportunities to buy into a suburb that, at one stage, may have been out of their budget.”
Mr Pope said it was quite common for quarterly growth figures to appear “volatile” for Trigg.
The suburb has seen a 4.3 per cent growth in the year to date and has an annual median of $1.152 million,
“It only takes one or two West Coast Drive sales in a quarter to throw the growth rates off the chart,” Mr Pope said.
“But based on the rapid growing buyer activity levels, I am certainly seeing figures begin to rise again along our coastal region – the secret is out and buyers have gained confidence and momentum in buying back into the coast.”
TOP 10 GROWTH SUBURBS IN Q2 2017
Suburb Median house price Quarterly change in median
Trigg $1,400,000 27.3%
Applecross $1,875,000 25%
Bicton $1,050,000 24.2%
Swanbourne $1,712,500 23.2%
Kallaroo $752,000 21.3%
Leda $323,500 19.6%
Manning $825,000 15.2%
Burns Beach $900,000 13.9%
Beckenham $455,000 13.8%
Kingsley $623,500 12.3%
FOOTNOTE: *Filtered for suburbs with more than 10 sales for Q2 2017