Six-figure price tags hit a high
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, visit www.communitynews.com .au/real-estate.