- 12 of the 20 suburbs have medians above $1M
- Perth's median is about $45,000 below the previous peak in 2014
- Cottesloe, Floreat and City Beach have recorded the highest growths compared to peak
Twenty Perth suburbs have now shot past their highest (median) price levels, although the Perth metro is yet to record its highest overall average.
The Real Estate Institute of Western Australia (REIWA) announced that twelve suburbs have also reached a (median average) sale price above $1 million.
The ‘median’ price is the one that 50% of all sales prices are above, and 50% are below; in other words, the ‘middle price’ if they were all lined up from lowest to highest.
Unlike other capital cities such as Sydney and Melbourne, Perth has not reached its highest median sale price overall. The property market previously peaked at $545,000 back during the June 2014 quarter, and only recently has its median gone past $500,000 following a six-year decline.
“Cottesloe has seen the biggest rebound in price, with its median lifting 22 per cent since 2014, to $2.262 million in the March 2021 quarter. Floreat was a close second, with its median now sitting 19 per cent above its June 2014 quarter median at $1.565 million.”
Damian Collins, REIWA President
Notably, 12 of the 20 suburbs were in the $1 million-plus price bracket, although the eight other suburbs represented a cross-section of the Perth market, such as Mount Helena and Glen Forrest, both tucked in the Perth Hills, and Hilton, a historically blue-collared suburb east of Fremantle.
“It is promising that all sectors of the market appear to be gaining momentum simultaneously,” said Mr Collins.
Mr Collins concluded by adding that while it will still take some time for the market to reach its 2014 peak, the signs are encouraging, especially for owners and sellers.
“When the Perth market hit the bottom in the June 2020 quarter, the Perth median house price sunk to $475,000. A lot of homeowners lost value in their properties during the downturn, so it’s pleasing to see the quick gains that have occurred over the last eight months,” said Mr Collins.
Perth Suburbs with highest median on record
|Suburb||Mar 21 quarter median price||2014 median price peak||Percentage change*|
|1. Cottesloe||$2.262 million||$1.85 million||22%|
|2. Floreat||$1.565 million||$1.31 million||19%|
|3. City Beach||$1.927 million||$1.67 million||15%|
|4. South Perth||$1.35 million||$1.2 million||13%|
|5. Nedlands||$1.75 million||$1.57 million||11%|
|6. Mount Helena||$545,000||$492,000||11%|
|7. Mosman Park||$1.55 million||$1.4 million||11%|
|8. Bicton||$1.11 million||$1.01 million||10%|
|10. Shenton Park||$1.3 million||$1.2 million||8%|
|11. Rossmoyne||$1.2 million||$1.13 million||6%|
|12. Glen Forrest||$615,000||$580,000||6%|
|13. Woodlands||$1 million||$945,000||6%|
|14. East Fremantle||$1.222 million||$1.675 million||5%|
|15. Mount Nasura||$472,500||$455,000||4%|
|16. Sorrento||$1.045 million||$1.01 million||3%|
|20. Bull Creek||$770,000||$755,000||2%|
* as compared to the previous 2014 peak.