IN the early-mid 2000s Perth was experiencing a property boom, listings were low, properties were selling like hotcakes and the media was full of stories of record prices and strong price growth.
According to REIWA, the median house price doubled between 2001 and 2005 and in 2006 Perth was the second most expensive capital city in the country, with the median house price nearing $500,000.
When Residential West was launched in 2008 the market was starting to feel the bite of the GFC, with the western suburbs in particular hit hard by the instability of the financial market and the slowing of the mining boom in the following years.
Since then the Perth market has experienced some ups and downs.
In the December quarter 2007 the median house price was $475,000, rising over the 10-year period to $510,000 in REIWA’s preliminary data for the December quarter 2017.
President Hayden Groves expects it could reach $520,000 when all the sales for the quarter have settled, however he said this was a result of greater activity in the $700,000-plus price bracket, rather than a significant boom in prices.
The western suburbs market has also shown little signs of significant median house price growth over the past 10 years.
However, the latest data holds more positive news, with REIWA naming Dalkeith and Cottesloe among their top 10 suburbs to watch in 2018. They recorded 20.9 per cent and 14.1 per cent median house price growth respectively in 2017.
The South-West market was also affected by the GFC.
The median house price for the region was $395,000 in the December quarter 2007 and $400,000 in REIWA’s preliminary results for the December quarter 2017.