20 Perth suburbs post price growth of 10pc or more in 2021

• Twenty Perth suburbs have recorded median house sale price growth of 10 per cent or more in 2021, riding on the coattails of a hot local market
• Bicton has experienced the strongest price growth in the first four months of the year, with its median house price increasing 20 per cent to $1.14 million between December 31, 2020 and April 30, 2021
• REIWA President Damian Collins said the institute had forecasted 15 per cent price growth in Perth by the end of the 2021 calendar year, but 20 suburbs had either met that figure or were on track to exceed that figure well before the end of the year
• Bicton local and Yard Property real estate agent Todd Grierson said the area has seen strong demand from buyers wanting to trade up
• It isn’t just the top end of the market enjoying strong price growth, with nearly half of the suburbs on the list sitting under the median house price

Twenty Perth suburbs have recorded median house sale price growth of 10 per cent or more in 2021, riding on the coattails of a hot local market.

REIWA President Damian Collins said the institute had forecasted 15 per cent price growth in Perth by the end of the 2021 calendar year, but 20 suburbs had either met that figure or were on track to exceed that figure well before the end of the year.

“A total of 20 suburbs have seen their median house sale price increase by 10 per cent or more since the start of the year,” he said.

“Bicton has experienced the strongest price growth in the first four months of the year, with its median house price increasing 20 per cent to $1.14 million between 31 December 2020 and 30 April 2021. This was followed by North Beach (up 17 per cent to $1.05 million), Sorrento (up 16 per cent to $1.118 million), and Applecross (up 15 per cent to $1.79 million),” he said.  

CoreLogic data shows Perth’s home value index lifted 0.8 per cent in April, the ninth consecutive month of growth, with REIWA reporting the median house price cracked $500,000 for the first time since 2018.

Bicton local and Yard Property real estate agent Todd Grierson said the area has seen strong demand from buyers wanting to trade up.

“That is all COVID related to a degree where people are using the lower interest rates to stake a claim in a really nice part of town,” he said.

“I have a backlog of people looking.”

Grierson said much of the demand is coming from people in or around the area who are looking to get closer to the Canning River, schools, amenities and a family-focused lifestyle.

However, unlike high flying neighbouring suburbs like East Fremantle and Applecross, Grierson said Bicton can sometimes fly under the radar

It isn’t just the top end of the market enjoying strong price growth, with nearly half of the suburbs on the list sitting under the median house price.

REIWA data shows nine suburbs featuring a median house sale price below the Perth median house sale price of $508,000, while 11 sit above, with eight of those in the $1 million-plus price range.

Southern Gateway Real Estate sales representative Sue Done operates in the Medina and Bertram areas and said there is a mix of interest from locals and people from nearing suburbs looking for affordable property.

Medina and Bertram both hug the Kwinana Town Centre and have seen prices rise to $260,000 (13 per cent growth) and $369,000 (10 per cent growth), with Done attributing some of that increase to the lack of rental supply.

“There is always a low vacancy in Kwinana, but it has been really difficult as of late, so a lot of people have been buying instead,” she said.

“The recovery of the market is widespread across Greater Perth. 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,” Collins said.

“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,” he concluded.