According to the Real Estate Institute of Western Australia (REIWA), several suburbs have resisted this trend and have seen significant growth in median prices in recent years.
Reiwa.com's analysis showed that Perth's top ten suburbs had seen their median house selling prices increase by 16.4% since September 2014.
The median of Mount Pleasant increased by 16.4%, from $ 1.08 million to $ 1.25 million between 2014 and 2019. This is one of the few suburbs in Perth whose price median has reached an unprecedented level.
REIWA data also revealed that demand for the luxury market was the biggest trend in lifestyle. Of the ten suburbs, nine had a median real estate price greater than $ 800,000, and seven were in the $ 1 million or more price range.
Sales volumes of low-priced products in the Perth market remain low. Activity in the price range of over $ 800,000, by contrast, has increased and contributed to average real estate price growth in the suburbs such as Mount Pleasant, Ardross, West Leederville, Cottesloe, South Fremantle, Shelley and Claremont.
"Increasing demand in the Perth luxury market creates increased competition among buyers, resulting in shorter lead times and higher selling prices," said Damian Collins, president of REIWA. "These areas are clearly affecting real estate applicants in WA, which should give local sellers the confidence that they can achieve fast sales at a competitive price."
Data from REIWA
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