House of gain

Eastern Reporter Vincent & Stirling - - FRONT PAGE - Natalie Hor­dov

MENORA and Cool­binia have de­fied the real es­tate mar­ket trend.

They each recorded growth in their me­dian house prices over the past 12 months.

The num­ber of Perth sub­urbs with mil­lion dol­lar me­di­ans de­clined from 37 to 27 over the 12 months to June 2019, ac­cord­ing to CoreLogic.

But Menora’s me­dian house price rose 19.1 per cent to $1.25m and Cool­binia recorded a more mod­est in­crease of 2.7 per cent to $1.13 mil­lion.

Real­mark Coastal sales as­so­ciate Paul DiLanzo said sales ac­tiv­ity in the higher price brack­ets in these sub­urbs had fluc­tu­ated in re­cent years, with very few sales above $1.5 mil­lion in 2018, re­sult­ing in a de­cline in the me­dian price.

More sales in the higher ranges in 2019 had lifted price growth.

“The ar­eas are usu­ally quite tightly held and don’t usu­ally suf­fer from bigger losses that other ar­eas do and this is re­flected in the good growth they have en­joyed,” Mr DiLanzo said.

“The big blocks and wide open tree-lined streets with many internal parks make the area very at­trac­tive to fam­i­lies.”

CoreLogic an­a­lyst Cameron Kusher said although the Perth hous­ing mar­ket had seen a substantia­l de­cline in val­ues since the mid­dle of 2014, the share of mil­lion-dol­lar house and unit sales had not fallen sig­nif­i­cantly.

“Over the 2018-19 fi­nan­cial year, 10.0 per cent of all house sales and 4.1 per cent of all unit sales were at least $1 mil­lion,” he said.

“The 10.0 per cent of house sales was down from 10.6 per cent a year ear­lier and the 4.1 per cent of unit sales was up from 3.9 per cent a year ear­lier.”

While mil­lion-dol­lar sales were down on the pre­vi­ous 12 months, they were higher than be­fore the down­turn.

Picture: David Baylis­mu­ni­typix. d495440

Real­mark Coastal sales as­so­ciate Paul DiLanzo cel­e­brates prop­erty prices in Cool­binia.

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