Prices on way up
PARTS of the Perth property market are showing strong signs of recovery, with REIWA listing 12 suburbs that recorded house price growth in the past 12 months after experiencing declines in the previous year.
Eight suburbs recorded median price growth over 10 per cent.
REIWA president Hayden Groves it was pleasing house prices in 12 suburbs across Perth had recovered so well in just 12 months.
“All the suburbs on the list have higher median house price values now than they did in 2016 just prior to the decline, which is positive news for sellers in these areas,” he said.
“North Fremantle had the strongest rebound in price, with its median increasing 28.1 per cent to $1.23 million in 2018, after declining 0.8 per cent to $960,000 in 2017. Bicton came in second, with a 17.6 per cent median house price increase this year after declining 6.5 per cent last year, while Nedlands, Kallaroo and West Leederville saw house prices lift by 15.5 per cent, 14.6 per cent and 13.4 per cent respectively in the 12 months to June 2018.”
Helena Valley, City Beach, Claremont, Mosman Park, Winthrop, White Gum Valley and Leeming rounded out the 12.
Reiwa.com analysis showed all suburbs on the list had a median house price above the Perth metro median of $515,000 and seven of those suburbs had median house prices above $1 million.
“Perth’s aspirational suburbs are really leading the way in the recovery,” Mr Groves said.
“Last quarter there were more houses sales recorded in the $800,000and-above price range, which is a trend that also occurred during the December 2017 quarter.
“In addition, recent reiwa.com data also shows 11 per cent of houses sales in Perth now sell above $1 million, which is the highest proportion of million dollar sales Perth has seen.” THIS stylish new villa offers a perfect opportunity for first-home buyers, downsizers or investors.
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