Six-fig­ure price tags hit a high

Comment News (Armadale) - - Residential -

PROP­ERTY sales above $1 mil­lion have in­creased and now ac­count for 11 per cent of all house sales in the Perth Metro re­gion, ac­cord­ing to REIWA.

Pres­i­dent Hay­den Groves said there had been a steady in­crease in the pro­por­tion of sales above $1m in Perth since 2012.

“In the year to June 2012, only 7 per cent of house sales in the Perth Metro re­gion were above $1m; six years later this fig­ure has grown to 11 per cent, the high­est it’s ever been,” he said.

“It’s in­ter­est­ing that the pro­por­tion of sales oc­cur­ring above $1m has in­creased dur­ing a time when the Perth prop­erty mar­ket and the WA econ­omy have ex­pe­ri­enced a dif­fi­cult few years.”

The five sub­urbs to record the most house sales above $1m in the year to June 2018 were Ned­lands (95 sales), Cottes­loe (93 sales), Floreat (89 sales), Clare­mont (77 sales) and Mos­man Park (75 sales).

“Buy­ers clearly recog­nise there is ex­cel­lent op­por­tu­nity in th­ese as­pi­ra­tional sub­urbs to pur­chase high qual­ity fam­ily homes at prices we are not likely to see again as the mar­ket re­cov­ers,” Mr Groves said.

Data also showed the num­ber of Perth sub­urbs with a me­dian house price equal to or above $1m had in­creased.

“There are 37 sub­urbs across the metro area with a me­dian house price at or ex­ceed­ing $1m, a no­table in­crease on the 31 sub­urbs recorded at the same time last year,” Mr Groves said. “De­mand in th­ese sub­urbs has clearly strength­ened.

“Data shows 25 of those 37 sub­urbs are sell­ing faster than the over­all Perth Metro re­gion fig­ure, which in­di­cates buy­ers need to act quickly in th­ese ar­eas to en­sure they don’t miss out.”

For the full list of sub­urbs with $1m me­dian house prices, visit­mu­ni­ .au/real-es­tate.

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