The top Perth suburbs for price growth
House and unit median sale prices have both hit record highs for the financial year.
Brown said while there had been strong price growth across the Greater Perth region, conditions varied from suburb to suburb.
“For example, the Perth median house sale price rose 16.4 per cent over the year to June, but the top 10 performing suburbs all recorded annual growth over 28 per cent,” she said.
“In the unit market, the median sale price growth over the financial year was 20 per cent, while the top 10 performing suburbs saw growth over 32 per cent.
“There are also some suburbs that have seen their median house sale price decline.”
Meanwhile, for renters, Perth’s median weekly house rent price declined 2.2 per cent from $695 at the end of the March quarter to $680 at the end of the June quarter.
The median unit rent price rose 1.5 per cent from $650 to $660 per week.
Annually, the median house rent price increased 4.6 per cent, while the median unit rent price increased 10.0 per cent.
“The overall trend is still upwards, but a significant change over the past 12 months has been the rate of growth,” Brown said.
“The upward pressure on prices has been easing as a result of an increase in supply and a softening of demand.”
Brown said despite the changes, challenges remained in the rental market.
“Our members report demand is particularly strong close to the city, which drives prices up, but is often softer in outerlying suburbs,” she said.
“In these outer areas, some members report there is strong competition for modern, well-maintained homes, but they are seeing prices decline for older, dated properties.
“And in areas where a lot of new supply has become available, investors may have to lower their asking price to secure a tenant.”
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