- 62 Perth suburbs record median house price growth in August
- This is despite the winter months usually cooling the market
- New data was released by REIWA today
62 Perth suburbs recorded growth in median house prices in August according to new data released by the Real Estate Institute of Western Australia (REIWA) today.
REIWA President Damian Collins noted this is unusual for Perth in August.
“The Perth property market is usually quite subdued during winter, so it’s impressive that so many Perth suburbs still recorded median house sale price growth. “
Damian Collins, REIWA President
The strongest performing suburb was Cooloongup, in the southern outskirts of Perth. It recorded median house price growth of 4.5%, with the median reaching $320,000.
Cooloongup – 6168
SQM Research data shows weekly asking prices in Cooloongup have risen from just under $360,000 in January this year to $417,000 as of this month – reinforcing REIWA’s data that has shown strong growth in the area.
Stirling also saw strong growth in August as the median price rose 3.7% to $810,000.
Maddington was the third strongest performer with 2.8% growth. Its median rose to $345,000.
The fourth and fifth-best performing suburbs both recorded 2.2% growth. These were Forrestfield and Quinns Rock, their medians rose to $440,000 and $545,000 respectively.
Rounding up the top ten suburbs with the most growth in median house prices, Medina (up 2.1% to $270,000), Booragoon (up 2% to $850,000), Spearwood (up 2% to $490,550), Ocean Reef (up 2% to $790,000) and Beckenham (up 2% to $399,000).
August sales activity
“Despite the cold winter months resulting in fewer overall sales, there were still plenty of Perth suburbs that recorded increases in activity,” Mr Collins said.
According to the new data released by REIWA, Cooloongup topped the charts for sales activity. There was a 44% increase in sales activity in August.
Other high performing suburbs in Perth were Wandi, Merriwa, South Lake, Medina, Bedford, Balga, Morley, Duncraig and Camillo which all recorded notable increases in sales activity.
Median days on the market
Mr Collins said the competition in Perth remained strong in August.
The median time on the market for homes was 18 days. This is 16 days faster than the same month last year.
Heathridge, Kinross and Willetton each recorded an impressive 7 days as the median time on the market.
“With winter over and done with for another year, it will be interesting to observe how the Perth property market performs as we move into the traditional spring selling season.”
Damian Collins, REIWA President
