The Perth suburbs witnessing record median prices amidst rebound

• After years in the doldrums, Perth’s property market continues to rebound, with 20 suburbs now at their highest median house sale price on record
• REIWA President Damian Collins said the Perth property market last peaked in 2014 when the median house sale price hit $545,000
• Twenty suburbs have had their median prices exceed where they were in 2014
• Cottesloe has seen the biggest rebound in price, with its median lifting 22 per cent since 2014, to $2.262 million in the March 2021 quarter
• The high-end segment of the market continues to drive growth, with REIWA data showing 12 of the suburbs on the list were in the $1 million-plus price range

After years in the doldrums, Perth’s property market continues to rebound, with 20 suburbs now at their highest median house sale price on record.

REIWA President Damian Collins said the Perth property market last peaked in 2014 when the median house sale price hit $545,000. Now, seven years later, 20 suburbs have seen their median prices exceed where they were in 2014.

“The Perth median house sale price for the March 2021 quarter came in at $500,000, which is still a fair-way off the previous peak of $545,000,” he said. “It’s very impressive that 20 Perth suburbs have not only climbed back up to their 2014 medians but reached new historic heights.

“Cottesloe has seen the biggest rebound in prices, with its median lifting 22 per cent since 2014, to $2.262 million in the March 2021 quarter. Floreat was a close second, with its median now sitting 19 per cent above its June 2014 quarter median at $1.565 million.”

The high-end segment of the market continues to drive growth, with REIWA data showing 12 of the suburbs on the list were in the $1 million-plus price range.

Wallace Real Estate director Justin Wallace said demand for the affluent areas of the western suburbs, such as Cottesloe and Nedlands, had been extremely strong.

A significant portion of the interest is coming from expats, according to Wallace, who see good value in Perth’s property.

“There is a lot of expats who are coming back and because we have been flat for some time, buyers have seen a lot of good value – they find Perth to be cheap,” he said.

Wallace said the mismatch of supply and demand would lead to further price pressures to the end of the year.

“We are working with a huge amount of buyers who have genuine needs to find properties and I think we will continue to see quite a strong market throughout the rest of this year,” he said.

While the bulk of the suburbs on this list are from the upper-end of the market, there is still good representation from all areas, according to Collins.

“It is promising that all sectors of the market appear to be gaining momentum simultaneously,” he said.

“When the Perth market hit the bottom in the June 2020 quarter, the Perth median house price sunk to $475,000. A lot of home owners lost value in their properties during the downturn, so it’s pleasing to see the quick gains that have occurred over the last eight months.

“While the market still has a way to go before it is back to its 2014 peak, the signs are very encouraging that we will achieve that before the end of the year, which will be welcome news for Perth owners and sellers.”

 20 suburbs that have now reached their highest median house sale price on record.