Perth’s median property price may not have fully recovered yet from the recent downturn, but 20 suburbs have broken away from the pack and are selling at their highest ever price.
The latest market snapshot from REIWA showed the overall median Perth property price was $500,000, the first time that figure had been reached since December 2018.
The difference this time around is demand, with just 8265 listings taking on average 16 days to sell, compared to 16,048 properties on the market in December 2018, that took on average 44 days to sell.
Perth’s median property price hit a peak of $545,000 in 2014 but the latest REIWA data showed some suburbs had made huge gains in that time, with massive rises in value in the past 12 months alone.
Coastal suburb Cottesloe led the way after a poor few years, with a $2.3 million median house price, a jump of 15 per cent on this time last year.
Nearby properties in Mosman Park also increased 12.7 per cent to $1.577 million, while Floreat (up 10.6 per cent to $1.565 million) and City Beach (up 19.7 per cent to $1.927 million) also performed well.
On the flipside, house sales in Peppermint Grove dropped 18.4 per cent in value to $2.897 million in the 12 months to March while Swanbourne fell 8.2 per cent to $1.523 million.
REIWA said some of Perth’s more expensive suburbs had led average price rises because it was the first segment to regain confidence in the market.
But house and vacant land sales are on the rise again across the city as the market rebounds from a poor week.
REIWA reported a total of 922 transactions, as sales activity across Perth increased five per cent for the week ending March 22.
The increase was attributed to a 21 per cent bump in vacant land sales and 5 per cent boost in house sales during the week, while sales of units remained the same.
REIWA said all up, 9118 properties were listed for sale in Perth at the end of last week, an increase of one per cent on the previous week.
Listing stock levels showed the total number of both houses and vacant land for sale on the market were stable, while listings for units had increased four per cent.
Last week’s total figure was 4 per cent higher than a month ago and 21 per cent lower than a year ago.
The rental market meanwhile showed signs of opening, with a four per cent increase to 2983 properties to rent across Perth at the end of last week.