The Real Estate Institute of Western Australia (REIWA) recently listed the 10 Perth suburbs to keep an eye on in 2018. Of them, North Fremantle, Applecross, and Dalkeith were among the suburbs that recorded significant median house price growth in 2017.
All 10 suburbs had median house prices above $520,000 – the Perth median – and all but three exceeded one million dollars, according to Hayden Groves, president of REIWA.
“Perth’s highly prized suburbs are leading the way in the recovery of the WA market,” he said. “In the space of a year, we’ve seen prices in these locations recover substantially from their low point in late 2016.
“We’ve seen listing stock tighten considerably over the last 12 months, with good quality family homes attracting a lot of attention in aspirational areas.
“With the WA economy gaining strength and owner-occupier loans at their most affordable in decades, buyers recognise now is the time to secure a family home in areas previously out of reach for many.”
REIWA’s analysis also found that nine of the 10 suburbs had faster average selling times than the Perth metropolitan region.
“It takes an average of 67 days to sell a house in Perth, whereas in suburbs like Leederville (32 days) and Trigg (36 days), sellers are securing buyers much faster,” Groves said. “Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices.”
Overall, the Perth real estate market is beginning to show signs of recovery after a stagnant 2017, with agents reporting a surge in demand for rental properties and increased buyer confidence.
Here are Perth's 10 highest growth suburbs in 2017:
||Median House Price
|1. North Fremantle
|4. Mount Helena
|10. North Beach
|Perth metro region
Housing Affordability Surges In WA
Perth’s Median House Price Remains Stable
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