Prices likely to continue rising over back half of 2022
Eleven Perth suburbs set new records for their median house prices during the 2021-2022 financial year, entering the million-dollar price bracket for the first time, according to new data from the Real Estate Institute of Western Australia.
Marmion, Mount Hawthorn, North Perth, Freemantle and Kensington all saw their median house prices climb above $1.1 million at the end of June. Gwelup, Booragoon, Karrinyup, Leederville, Iluka and Como all saw their median prices hit $1 million or more.
The Perth property market saw strong growth in the 2021-2022 financial year, with sales at the top end dominating the market, according to REIWA president Damian Collins.
“People have started to gain confidence in WA’s strong economy and property market, which we have seen translate into more sales at the top end of the market, pushing these suburbs’ median house sale prices into the million-dollar club,” Collins said. “All of these suburbs have had medians hovering below $1 million for quite some time. It is impressive to see the demand for houses in these suburbs hold strong throughout the 2021-22 financial year, now placing them in Perth’s luxury market.”
Six out of the 11 suburbs posted price growth of more than 20% during the 2021-2022 financial year, REIWA reported.
Read next: Perth defies national house price trends
“Perth’s premium market is attracting a lot of interest from buyers, leading to strong price growth,” Collins said. “If you are considering selling in one of these suburbs, now would be an opportunistic time to capitalise on this demand.
Collins said that given Perth’s housing shortage, the cheapest median house price of any capital city in the country, a growing population and strong economy, REIWA projected that house prices would continue their upward trajectory in the back half of 2022.
“As more suburbs reap the benefits of our strong market conditions, Perth’s million-dollar club is likely to continue to grow over the next 12 months,” he said.
