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