Willetton, Medina and Pinjarra top the list of Perth suburbs that have seen the biggest percentage increase in median house sale price over the last 20 years.
REIWA President Damian Collins said the overall Perth market had seen house prices grow 209 per cent during the last two decades.
The median house sale price in Perth has grown from $170,000 to $525,000 since 2001, which is modest growth in comparison to other major cities like Sydney and Melbourne that have seen much steeper price increases.
Perth is still the most affordable capital city for housing of any state in the country, but there are numerous suburbs that have grown significantly and far exceeded Perths overall 20-year price growth trajectory, Mr Collins said.
Of the 20 suburbs on the list, 17 have recorded 300 per cent or more growth to their median house sale price in the last two decades.
If youre buying a property with the goal of strong price growth, then location is a crucial factor as the value of a property is inherently tied to where the land is situated, Mr Collins said.
Other factors can impact the trajectory of a suburbs median price growth, like whether there are a lot of renovated properties or new builds in the area, but the bulk of the value will always be tied up in the land.
Willetton tops the list for price growth
reiwa.com data shows Willetton recorded the biggest 20-year increase, with its median house sale price jumping from $180,000 in 2001 to $820,000 in 2021 an increase of 356 per cent.
“Willetton is a popular suburb for families. It has two of the states best public high schools in the area which has created a lot of demand and contributed to the strong price growth experienced in the suburb over the last 20 years, Mr Collins said.
All price points of market represented
Nine of the 20 suburbs on this list had median house sale prices above $1 million in 2021. Seven were priced within $500,000 – $900,000, while four had median house sale prices below $400,000.
Unsurprisingly the luxury end of the Perth market has the biggest share of this list, however overall, there is good variety, with all price points of the market well-represented amongst these 20 suburbs,” Mr Collins said.
Owners who purchased houses in these suburbs in 2001 and held onto them would be pleased with the profit they have turned over the last 20 years.
The top 20 Perth suburbs
|Suburb||Median house sale price 2021||Median house sale price 2001||20-year growth|
|4. Shenton Park||$1.651 million||$380,000||334%|
|6. Woodlands||$1.311 million||$315,000||316%|
|7. Claremont||$1.8 million||$435,000||314%|
|8. Floreat||$1.65 million||$400,000||313%|
|11. Trigg||$1.475 million||$362,000||307%|
|12. Nedlands||$2.05 million||$507,000||304%|
|13. Mount Helena||$547,500||$135,500||304%|
|15. South Guildford||$590,000||$147,500||300%|
|16. Rossmoyne||$1.32 million||$330,000||300%|
|17. Mount Hawthorn||$1.1 million||$275,000||300%|
|20. Cottesloe||$2.55 million||$645,000||295%|