Low stock, fast selling times drive dozens of suburbs to break records
Sixty-three (63) Perth suburbs recorded their highest ever individual sale price during 2021, according to data from the Real Estate Institute of Western Australia.
REIWA president Damian Collins said strong market conditions drove a substantial number of suburbs to post record sale prices last year.
“2021 was a buoyant year for the Perth property market, with low stock, rising prices and fast selling times creating extremely competitive buying conditions,” Collins said. “These strong conditions have resulted in 63 suburbs recording individual sale prices that eclipsed their previous highest sale records.”
Of the 63 suburbs posting record prices, 14 saw an increase of more than 20% between their previous and current highest sale prices.
Baskerville posted the largest difference between sale prices, with its new highest sale price 133% higher than the previous record, posted in 2015. North Coogee came in second, with its new record sale price 119% higher than the previous record, posted in 2018.
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“There are many factors that could contribute to this differential, like large land sizes or subdivision opportunities,” Collins said. “However, these sale prices still speak to the strength of the market. With market conditions showing no signs of slowing down, it will be interesting to see how many more Perth suburbs achieve record-setting sales throughout 2022.”
Top 10 Perth suburbs with the largest increase over previous highest sale price
|
Suburb |
Median house price |
Highest sale price in 2021 |
Previous record |
Percentage change |
|
Baskerville |
$996,750 |
$1.2 million |
$515,000 (2015) |
133% |
|
North Coogee |
$1.19 million |
$4.6 million |
$2.1 million (2018) |
119% |
|
Glen Forrest |
$640,000 |
$2.2 million |
$1.25 million (2020) |
76% |
|
Swanbourne |
$1.825 million |
$13.3 million |
$7.9 million (2008) |
68.4% |
|
Highgate |
$922,500 |
$2.5 million |
$1.5 million (2018) |
66.7% |
|
Karrinyup |
$965,000 |
$3.5 million |
$2.28 million (2017) |
53% |
|
Mount Pleasant |
$1.38 million |
$11.3 million |
$8 million (2017) |
41.3% |
|
Willagee |
$642,500 |
$1.415 million |
$1.025 million (2017) |
38% |
|
Ocean Reef |
$847,500 |
$4.2 million |
$3.1 million (2020) |
35.5% |
|
Nedlands |
$2.05 million |
$10.7 million |
$8.075 million |
32.5% |
