The Perth suburbs defying the real estate downturn
New data from reiwa.com has revealed the 10 Perth suburbs that have bucked the city’s declining house prices.
Declining property prices may have been a fixture of WA’s housing market across the past few years, but new data has shown there are suburbs within the state’s capital that are challenging the trend
Analysis from the Real Estate Institute of Western Australia has revealed the top 10 Perth suburbs that have successfully defied the real estate downturn.
According to the data, Mount Pleasant has experienced substantial growth since the downturn, with its median increasing 16.4 per cent from $1.08 million to $1.25 million between 2014 and 2019.
It is also one of the few suburbs in Perth that has seen its median price increase to an all-time high.
Neighbouring suburb Ardross was second on the list, with its median lifting 15.3 per cent from $880,000 to $1.015 million.
Source: reiwa.com
Of the 10 suburbs, reiwa.com analysis shows nine had median house prices above $800,000 and seven were in the $1 million and above price range.
REIWA President Damian Collins said the biggest trend in terms of lifestyle appeared to be the push towards the luxury market.
“While sales volumes in the lower-priced end of the Perth market remains soft, activity in the $800,000 plus price range has strengthened,” he said.
“This has created increased demand among buyers and contributed to the improvement in median house price that we’ve seen in suburbs like Mount Pleasant, Ardross, West Leederville, Cottesloe, South Fremantle, Shelley and Claremont.
“Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices.
“These areas are clearly striking a chord with WA property seekers, which should provide local sellers with some confidence that they can achieve a quick sale at a competitive price.”
Source: reiwa.com
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