Perth and Western Australian real estate markets can seem a world away from the rest of Australia, but this week, we highlight the latest figures and advances in WA.
Reports show that Perth property values increased 1.9 per cent in 2020 to a median price of $437,310.
But prices remain well below their 2014 peak of 19.9 per cent.
Good news on the horizon
Buyers’ agencies and further research forecasts that house prices will rise 15 per cent in the year ahead, topping the growth statistics for Australian capital cities.
This is confirmed by major bank research, which predicts growth of between 12 and 15 per cent.
Resilience is the key to recovery as Perth and WA rebuild following the post-mining boom lull.
The year-round temperate climate, lifestyle appeal and access to amenity and top educational institutions are in Perth’s favour.
Perth suburbs in demand
Current research among Perth removalist companies shows that clients are moving into – rather than out of – the WA capital, with a ratio of 66 per cent versus 34 per cent.
Outer suburbs, such as Wannanup, Lakelands and Dudley Park, are leading the strongest house value increases in greater Perth over the past 12 months.
This is a distinct turnaround from the region’s COVID-19 property values slump.
Other top-performing suburbs include:
- Kingsley and Heathridge. Properties in these suburbs sold on average in less than seven days through the October to December 2020 quarter
- Cottesloe. House prices in this popular beachside suburb performed strongly in 2020, with industry figures expecting further price increases throughout 2021
- Rockingham. Neighbouring areas, such as Singleton and Shoalwater, may prove too pricey, but at Rockingham it is possible to secure a parcel of land for about $170,000. This boosts the suburb’s appeal to young families and the first-home buyer
- Melville and Leeming. Respected educational facilities and average days on the market of less than 10 days are expected to increase values in these coveted Perth suburbs
- Scarborough. Just 12 kilometres from the Perth CBD, new foreshore development and a quality mix of apartments and established housing add to this beachside suburb’s allure. Coupled with its idyllic location, price range and residential variety are also key features prized by buyers and investors
- Subiaco. Architects and builders note that access to amenities, educational institutions and infrastructure help secure Subiaco’s spot as a Perth suburb on the rise.
In a nutshell
As for the remainder of Perth and the WA regional outlook, the Real Estate Institute of WA predicts steady growth in rental and sales markets.
With low housing supplies, prices may climb from 12 to 15 per cent, which is on track to relive the state’s 2013-14 property market heyday.