17 January 2022
Author: REIWA President Damian Collins
2021
was a big year for the Western Australian
property market, with demand for property strong as prices
increased, sales
volumes grew and days on market shrunk.
CoreLogic
released its 'Best of the Best 2021’ national
housing report last month
which looks at the best performers (across a
range of factors, such as top sale, highest and
lowest median values and
highest total sales) throughout
the year to November for
each state.
Most expensive and most affordable suburbs
The
results for WA showed that Dalkeith had the highest median house value during
2021 at $2.822 million, whilst North Fremantle had the highest median unit
value at $771,064.
The
most affordable place to buy a house in WA was in Kambalda East, with its
median house value sitting at $90,155, while the most affordable place to buy a
unit was in Orelia (despite its strong growth) at $176,480.
The
five suburbs with the highest median house value during 2021 were
Dalkeith ($2.822 million), Peppermint Grove ($2.699 million), Cottesloe ($2.406
million), City Beach ($2.242 million) and Swanbourne
($1.893 million).
Top sales performers
CoreLogic
also looked at the most recent sales
data for the 12 months to September 2021 and found that the most
expensive property sold in WA was in
Peppermint Grove, fetching a sale price of $15.7 million. The
next most expensive property sold was for $13.3 million in Swanbourne. Both
sales occurred during August 2021.
During
the
year to September 2021, Baldivis recorded 899 house sales
with a median value of $451,074, netting a total sales value
of $392 million. Cottesloe ranked second, recording 146 house
sales
with
a median value of $2.406 million, netting a total sales value of $388 million.
Other
suburbs to rank highly for total combined sales values were Nedlands ($382
million), Mosman Park ($357 million) and Halls Head ($337 million).
The
regional suburb to net the highest value of sales was Dunsborough, recording
267 house sales with a median value of $861,671, to net a total sales value of $226
million.
As
we move through 2022, we anticipate another strong year of sales and price
growth in WA.
Note:
CoreLogic’s median value is a measure of the median (50th percentile) estimated
value of all properties based on their hedonic imputation method, irrespective
of whether it transacted or not.
More information
For more local information and data, visit the reiwa.com suburb profiles.