- Twenty suburbs have already recorded growth of 10% or more so far for 2021
- Bicton has recorded a 20% increase in its median house price to $1.14M
- Nine of the twenty suburbs that recorded 10% plus growth have medians below Perth average
Already in calendar 2021 to date, twenty suburbs across Perth have recorded median house sales price growth of 10% or more, according to data released by the Real Estate Institute of Western Australia (REIWA).
This means that several suburbs have already reached the earlier REIWA forecast of 10% price growth for Perth by the end of the year.
There is still a long way for 2021 to play out, and as a Shakesperean actor may pronounce: The Ides of March have come, Caeser, but they have not gone.
Bicton recorded the strongest price during the first four months of 2021, with an increase in its median house price of 20% to $1.14 million. North Beach followed with a 17% increase to $1.05 million.
Of the sub-million median suburbs, Medina saw a 13% increase to $260,000.
Data from reiwa.com revealed the twenty suburbs were a mixed bag with nine of them recording a median house price below the Perth median house sale price of $508,000, with 11 above and eight in the $1 million-plus range.
Not just the high end
REIWA President Damian Collins said that, until now, it was mainly the higher-end of the market that had been fuelling the median house price growth.
This has now changed.
“The recovery of the market is widespread across Greater Perth. Six to eight months ago it was mainly the higher end of the market showing strong growth, but now we are seeing movement across the board,” Mr Collins said.
“From Mandurah to Yanchep, REIWA agents on the ground have been telling us that the property market is strong, and this is reflected in the eclectic mix of suburbs that have made this [10%+ growth] list.”
“For these suburbs to be only a third of the way through the year and already achieving price growth of this magnitude is quite impressive. It will be interesting to see if they can maintain this momentum as the year progresses.”
Damian Collins, REIWA President
The announcement comes as over 1,000 properties were sold across Perth last week, a sign the boom times are well and truly ongoing. A year ago, less than 500 homes were selling in a typical week.