THE Real Estate Institute of WA has forecast 15 per cent growth for Perth property this year but some local suburbs are on track to exceed that, jumping 10 per cent or more in just four months.

Bicton experienced the strongest growth, with its median house price increasing 20 per cent to $1.14 million, followed by North Beach (up 17 per cent to $1.05m), Sorrento (up 16 per cent to $1.118m) and Applecross (up 15 per cent to $1.79m).

Claremont’s median house price rose 13 per cent, from $1.503 million to $1.7 million, exceeding the previous high of $1.575 million in 2018.

An 11 per cent increase saw City Beach record a median house price of $2 million, up from the most recent peak of $1.8 million at the end of the last year.

Wembley Downs also saw 11 per cent growth, with its median house price rising from $975,000 to $1.08 million, just short of the 2017 high of $1.1 million.

A total of 20 suburbs have recorded 10 per cent price growth or higher since the start of the year.

REIWA president Damian Collins said a range of suburbs populated the top 20 list, with nine having a median house price below the overall Perth median price of $508,800, while 11 sat above, eight of which were in the $1 million-plus price range.

“The recovery of the market is widespread across greater Perth,” he said.

“Six to eight months ago it was mainly the higher end of the market showing strong growth, but now we are seeing movement across the board.

“For these suburbs to be only a third of the way through the year and already achieving price growth of this magnitude is quite impressive.

“It will be interesting to see if they can maintain this momentum as the year progresses.”

With median house prices of $260,000, $265,000 and $275,000 Medina, Orelia and Parmelia respectively were the most affordable suburbs in the top 20.

City Beach was the most expensive.

THE TOP 20

1. Bicton from $950,000 to $1.14 million — up 20%

2. North Beach from $900,000 to $1.05 million — up 17%

3. Sorrento from $960,000 to $1.118 million — up 16%

4. Applecross from $1.56 million to $1.79 million — up 15%

5. Claremont from $1.503 million to $1.7 million — up 13%

6. Medina from $230,000 to $260,000 — up 13%

7. Maddington from $283,500 to $320,000 — up 13%

8. Palmyra from $635,000 to $715,000 — up 13%

9. Coodanup from $292,550 to $329,000 — up 12%

10. Attadale from $1.165 million to $1.3 million — up 12%

11. Parmelia from $247,000 to $275,000 — up 11%

12. City Beach from $1.8 million to $2 million — up 11%

13. Wembley Downs from $975,000 to $1.08 million — up 11%

14. Como from $850,000 to $940,000 — up 11%

15. Darlington from $620,000 to $685,000 — up 10%

16. Orelia from $240,000 to $265,000 — up 10%

17. Redcliffe from $399,000 to $440,000 — up 10%

18. Bertram from $335,000 to $369,000 — up 10%

19. Brookdale from $252,000 to $277,500 — up 10%

20. Girrawheen from $300,000 to $330,000 — up 10%

 

Sourced from perthnow.com.au