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Every suburb to make the top 10 recorded median growth of more than 30 per cent.
The Real Estate Institute of Western Australia (REIWA) has crunched the numbers on the Western Australian capital’s top performing suburbs over the last 12 months, capping off a record year for the local market.
REIWA CEO Cath Hart said: “While volumes were slightly down, the total value of property transactions was nearly $40 billion for the year which reflects the sustained price increases we’ve seen in the WA market.
“The median house sale price set a new record month after month over the financial year, and is now $665,000 for the year to June 2024.”
Hart flagged this is 18.8 per cent higher than at the end of FY23.
Looking to the city’s standout performers over the 12-month period, Hart acknowledged affordability “remains a focus for buyers”.
“This is reflected in the makeup of the top 10 suburbs for house price growth.”
Pointing out that the majority of the ranking have a median sale price below the Perth median, she also noted that only two of the suburbs have a median house sale price of more than $1 million.
“It indicates strong demand for suburbs in more affordable price brackets,” she continued.
Selling times have also shown an indicator of the strong demand for certain suburbs, with Hart declaring “the more affordable suburbs on the list have a median time on market that is nearly half that of the suburbs with a median over $1 million”.
So, which suburbs saw the largest change in annual house price?
- Viveash
Annual house sale price: $620,000
Change in price over 12 months: 40.9 per cent
Annual median selling period: Seven days
- Hillman
Annual house sale price: $537,000
Change in price over 12 months: 39.5 per cent
Annual median selling period: Five days
- Armadale
Annual house sale price: $460,000
Change in price over 12 months: 39.4 per cent
Annual median selling period: Seven days
- Midvale
Annual house sale price: $515,000
Change in price over 12 months: 38.3 per cent
Annual median selling period: Eight days
- Shelley
Annual house sale price: $1,269,999
Change in price over 12 months: 38 per cent
Annual median selling period: 15 days
- Kallaroo
Annual house sale price: $1,220,500
Change in price over 12 months: 37.1 per cent
Annual median selling period: 14 days
- Kelmscott
Annual house sale price: $503,600
Change in price over 12 months: 35.3 per cent
Annual median selling period: Eight days
- Henley Brook
Annual house sale price: $735,000
Change in price over 12 months: 35.2 per cent
Annual median selling period: Nine days
- Lockridge
Annual house sale price: $513,000
Change in price over 12 months: 35 per cent
Annual median selling period: Eight days
- Haynes
Annual house sale price: $605,000
Change in price over 12 months: 34.7 per cent
Annual median selling period: Eight days
Supply improving
According to Hart, REIWA’s latest figures dispel the perception that there is a shortage of homes for sale in the Western Australian market.
REIWA showed that the settled sales result – of 54,307 preliminary settled sales – is just 3.9 per cent lower than FY2022–23, with the gap to continue to close as more properties settle over the coming months.
It’s therefore expected that the number of sales across the financial year “will likely exceed” the previous 12-month period.
While active listings remained low throughout the past financial year, Hart pointed out that newly listed properties did still come to the market in reasonable numbers.
“People are still selling, but homes are being snapped up in record time frames, so the number of properties advertised at any time appears low,” she said.
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