The Real Estate Institute of Western Australia crunched the numbers on market movement since 2001 and found Willetton, Medina, and Pinjarra, all to the south of the city, came out on top with the biggest percentage increases in house medians.
Damian Collins, the REIWA’s president, said the overall Perth market had seen house prices grow by a whopping 209% in the past 20 years.
“The median house sale price in Perth has grown from $170,000 to $525,000 since 2001, which is modest growth in comparison to other major cities like Sydney and Melbourne that have seen much steeper price increases,” Mr Collins said.
“Perth is still the most affordable capital city for housing of any state in the country, but there are numerous suburbs that have grown significantly and far exceeded Perth’s overall 20-year price growth trajectory.”
Of the top 20 growth suburbs, 17 pockets saw their median house price surge by 300% or more.
Nine had median house prices of more than $1 million in 2021, while seven were priced within the $500,000 to $900,000 range, and four had median house prices below $400,000.
Cameron Kusher, executive director of economic research at PropTrack, said the list was “quite varied” and reflects the state capital’s transformation over the period of time.
“The list includes long-established suburbs close to the city as well as new housing areas where the improvement in the quality of housing has contributed to the higher prices,” Mr Kusher said.
“This is also highlighted by the divergence in current median prices with most of the suburbs on the list – either more affordable areas of the city or blue-chip premium suburbs.”
Another interesting point to highlight in the data is the general weakness in Perth’s housing market over the past few years.
Conversely, property prices in virtually every other capital city in Australia surged – especially in Sydney, Melbourne, and Brisbane.
Take the past 12 months, during which boom conditions characterised almost every part of the country. In Perth, the median dwelling price has shifted a modest 7.7% year-on-year to hit $500,000.
And beyond that, long before COVID-19 struck and WA’s borders slammed shut, impacting migration and broad economic activity, mid-term growth was flat, Mr Kusher said.
“In most instances, the majority of the growth in prices in Perth would have occurred over the first decade rather than the most recent one,” Mr Kusher said.
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