Property goldmine: These 10 Perth suburbs eclipsed 30 per cent growth
The little-known eastern suburb of Viveash, just outside Guildford, has recorded the highest price growth for houses in Perth, with its median house sale price increasing 40.9 per cent over 2023-24 to $620,000.
Real Estate Institute of WA chief executive Cath Hart said affordability remained a focus for buyers with more than half of the top 10 suburbs for price growth priced below Perth’s median house price of $665,000.
“Only two have a median house sale price over $1 million which indicates strong demand for suburbs in more affordable price brackets,” she said.
“Demand is also reflected in their selling times, with the more affordable suburbs on the list having a median time on market that is nearly half that of the suburbs with a median [price] over $1 million.”
In the unit market, Cottesloe was the top performer, with its median sale price rising 50.9 per cent to $1.2 million, while Bayswater units recorded growth of more than 40 per cent.
Like the top-10 list for house price growth, seven of the suburbs in the list for units have a median sale price under Perth’s median unit price.
Hart said while the unit market was slower to respond to market conditions over most of 2023, in 2024 demand and price growth had accelerated.
“The overall demand for property, and particularly the strong motivation to exit the challenging rental market, has seen demand for units increase,” she said.
“Units are generally more affordable than houses, which helps people put a foot on the property ladder in a rising market. This is helping drive price growth.”
In the past financial year houses sold quickly, with a new monthly record of a median eight days.
All 10 suburbs recording the highest house sale prices had a median below $550,000, with Cooloongup the fastest-selling – houses there sold in a median five days.
The demand for units in 2024 saw a record median time-on-market of nine days, set in February. Mount Hawthorn was the fastest-selling suburb for units, with a median six days on market.
Overall the Perth property market performed well in 2023-24, with 54,307 preliminary settled sales of houses, units and land for the year totalling nearly $40 billion.
Hart said despite a perceived shortage of homes for sale, people were still selling, but homes were being snapped up in record timeframes so the number of properties advertised at any time appeared low.
Records were also set in the rental market during 2023-24 due to high demand and ongoing low supply.
Hart said there were signs the rental market was beginning to moderate with prices remaining stable since March, sitting at $650 per week for houses and $600 per week for units.
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