- Posted By Toni Angeleski
Perth’s top suburbs defying the real estate downturn
28 May 2019
reiwa.com analysis has revealed the top 10 Perth suburbs* that have successfully defied the real estate downturn, with median house sale prices rising as much as 16.4 per cent since September 2014.
REIWA President Damian Collins said while the overall Perth market has been fairly subdued over the past few years, a number of suburbs had challenged this trend to record significant median price growth.
“Mount Pleasant has experienced substantial growth since the downturn, with its median increasing 16.4 per cent from $1.08 million to $1.25 million between 2014 and 2019. It is also one of the few suburbs in Perth that has seen its median price increase to an all-time high.
“Ardross closely followed with its median lifting 15.3 per cent from $880,000 to $1.015 million, then West Leederville rising to 14.9 per cent from $1.092 million to $1.25 million,” Mr Collins said.
The biggest trend in terms of lifestyle appears 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.
“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 Mount 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,” Mr Collins said.