- Sales activity was up 29% overall
- Ridgewood had a 122% increase in sales volume, median price up by 4.6%
- Seven of 10 suburbs have a median sale price below Perth's median
10 Perth suburbs recorded sale volume increases of at least 81% during the 2021-21 financial year, the Real Estate Institute of Western Australia (REIWA) has announced.
REIWA President, Damian Collins, said the Perth residential sales market had witnessed a rapid turnaround during the last 12 months with activity up 29% overall, many suburbs exceeding that figure significantly.
“It’s pleasing to see sales volumes increase across Perth over the last 12 months,” said Mr Collins.
Top ten sales volume changes by suburb
Ridgewood tops the list with 82 sales during the last financial year – an increase of 122%. Despite this, the median house price increased to $397,500 – a 4.6% increase over the financial year.
Of the 10 suburbs, six had more than doubled the sales tally compared to the previous financial year.
Excepting Trigg, Madora Bay and Lesmurdie, all the suburbs have median house sale prices below the Perth median, suggesting the much of the surge in activity occurred in affordable markets.
Trigg is the only suburb on the list with a median above $1 million – Trigg also recorded a 28.9% increase in it’s median sale price over the financial year, the seventh-highest of any Perth suburb.
“First home buyers are very active in Western Australia, which is why the biggest surge in movement is being felt at the more affordable end of the market,” said Mr Collins.
“We’re lucky in WA that the dream of home ownership is still achievable for a lot of people, who are clearly taking advantage of the relatively affordable prices to secure their first home.”
Damian Collins, REIWA President
“The dominance of the more affordable suburbs on this list suggests that there is particularly strong appetite from WA first home buyers who recognise that now is a great time to take advantage of Perth’s affordable housing before prices inevitably rise further as the market continues its recovery.”