10 Perth Suburbs Saw House Prices Soar By 26%
Five of those suburbs broke the million-dollar mark this financial year.
Five of those suburbs broke the million-dollar mark this financial year.
New data from the Real Estate Institute of Western Australia (REIWA) shows the five suburbs of Marmion, Gwelup, Mount Hawthorn, Fremantle and North Perth all had median house sale prices under $1 million at the end of June 2021, and have now, 12 months on, broken the seven-figure mark.
It comes as 10 Perth suburbs saw a median house price rise at least 26% in the 12 months to June.
Marmion recorded the largest house price growth in the 21-22 financial year — the median sale price rising 39.6% from $966,250 to 1.35 million.
It was closely followed by Gwelup with a median house sale price of $882,500 and finished the financial year at $1.112 million.
Mount Hawthorn followed with 32.8% growth and a median house sale price that ascended from $952,500 to $1.265 million.
REIWA Presidente Damian Collins pointed to the strength of Perth’s property market — reflected in the high growth rates of the top 10 suburbs. Each suburb on this list experienced median house sale price growth of more than 26 per cent in just 12 months, which is significant and suggests competition amongst buyers is high,” Mr Collins said.
Of the 10 suburbs on the list, nine had median house sale prices above $1 million.
“While price growth has been widespread across all price points over the last 12 months, it is Perth’s luxury market that has dominated this list.”
While property markets across Australia have started to decline, the market in WA and Perth has resisted downward pricing pressure.
“REIWA anticipates Western Australia’s strong residential property market conditions will continue for some time, driven by the state’s healthy economy, ongoing population growth and housing shortage,” Mr Collins said.
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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This stylish family home combines a classic palette and finishes with a flexible floorplan