Eleven Perth suburbs have set new records with their median house prices entering the million-dollar price bracket for the first time ever during the 2021-22 financial year.
Marmion, Mount Hawthorn, North Perth, Fremantle and Kensington all saw their median house prices tip above $1.1 million at the end of June 2022. Whilst Gwelup, Booragoon, Karrinyup, Leederville, Iluka and Como saw their median house prices reach $1 million or more.
REIWA President Damian Collins said the Perth property market had experienced strong growth in the 2021-22 financial year, with sales at the top end dominating the market.
People have started to gain confidence in WAs 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.
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 Perths luxury market, Mr Collins said.
Additionally, six out of the 11 suburbs recorded more than 20 per cent price growth during the 2021-22 financial year.
Perths premium market is attracting a lot of interest from buyers leading to strong price growth. If you are considering selling in one of these suburbs, now would be an opportunistic time to capitalise on this demand, Mr Collins said.
Given Perth has a housing shortage, the cheapest median house price of any capital city in the country, a growing population and strong economy, we anticipate house prices to continue to rise as we enter the back end of 2022.
As more suburbs reap the benefits of our strong market conditions, Perths million-dollar club is likely to continue to grow over the next 12 months.
The 11 suburbs to join the million-dollar club
|Suburb||Median house price 2021-22 financial year||Median house price 2020-21 financial year||12-month percentage change|
|1. Marmion||$1.27 million||$965,000||32%|
|2. Mount Hawthorn||$1.25 million||$950,000||32%|
|3. North Perth||$1.13 million||$900,000||26%|
|4. Fremantle||$1.1 million||$850,000||29%|
|5. Kensington||$1.1 million||$922,000||19%|
|6. Gwelup||$1.06 million||$815,000||30%|
|7. Booragoon||$1.03 million||$850,000||21%|
|8. Karrinyup||$1.02 million||$880,000||16%|
|9. Leederville||$1.02 million||$890,000||15%|
|10. Iluka||$1 million||$845,000||18%|
|11. Como||$1 million||$940,000||6%|
*Data is based on Landgate settled sales as at 18 July 2022. Median house sale price comparisons are for 2020-21 versus 2021-22 financial years.