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Marmion was Perth’s top performing suburb for price growth during the 2021-22 financial year, with its median house sale price increasing 39.7 per cent to $1.35 million.
North Beach was second with 36.2 per cent price growth, followed by Gwelup with 35.2 per cent price growth.
REIWA President Damian Collins said Perth property market conditions were strong, which was reflected in the high growth rates of these top 10 suburbs.
“Each suburb on this list experienced median house sale price growth of more than 26 per cent in just 12 months, which is significant and suggests competition amongst buyers is high,” Mr Collins said.
Of the 10 suburbs on the list, nine had median house sale prices above $1 million.
“While price growth has been widespread across all price points over the last 12 months, it is Perth’s luxury market that has dominated this list. Good quality homes in desirable locations are achieving positive outcomes for sellers in these areas,” Mr
Additionally, five of those nine suburbs saw their median house sale price enter the million-dollar price bracket during the 2021-22 financial year.
“At the end of June 2021, Marmion, Gwelup, Mount Hawthorn, Fremantle and North Perth all had median house sale prices below $1 million. Fast forward 12 months and their medians now sit comfortably above $1 million,” Mr Collins.
“Even more impressive, is that for each of those five suburbs, this is the first time they have recorded median house sale prices above $1 million.
“If you own a home in one of these 10 suburbs and are considering selling, now would be a good time to reach out to a local REIWA agent and take advantage of the favourable market conditions.
“REIWA anticipates Western Australia’s strong residential property market conditions will continue for some time, driven by the state’s healthy economy, ongoing population growth and housing shortage," Mr Collins said.
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