Ten suburbs in Perth recorded a significant increase in average house prices in 2018 and withstood the moderate trend in the city's overall market.
Brabham, Madora Bay and Mount Pleasant were the headliners. Brabham was ranked number one after his median rose 31.8% from $ 305,000 to $ 402,000. Madora Bay was second, with its median price rising 28.7% to $ 560,000.
REIWA President Damian Collins warned of the potential difference between these numbers and the actual values ​​of properties in these areas.
"Suburbs with more recent inventories may see changes in median prices that do not match the underlying individual property values," he said.
REIWA also found that among the 10 suburbs on the list, Brabham was the only suburb with a median real estate price lower than the overall market median of Perth.
Meanwhile, seven of the ten suburbs had a median real estate price of over $ 800,000, four of which were in the $ 1 million or higher price range. These include Mount Pleasant, Claremont, West Leederville, Kensington, South Perth, Alfred Cove and Shelley.
"While sales volumes in the lowest price segment of the Perth market remain weak, activity in the price range above $ 800,000 has increased, which has created increased buyer demand and helped to improve the median price of real estate. We have already been seen in suburban areas like Mount Pleasant, Claremont, West Leederville, Kensington, South Perth, Alfred Cove and Shelley, "said Collins.
In addition, the average sales times of these suburbs were higher than those of Perth's global market. Real estate in Kensington remained on the market for an average of 41 days. In Claremont and West Leederville, the properties were sold after 49 days on average; while in general, it took an average of 69 days to sell a house in Perth in 2018
Increasing demand in the Perth luxury market opens the door to greater competition among buyers, shorter lead times and higher selling prices, Collins said.
"These data show that the owners of these ambitious suburbs who are considering selling are well placed to guarantee a sale at a good price," he said.
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