The Perth suburbs with the biggest price rises!
Homeowners across Perth have cause to celebrate after the latest Real Estate Institute of WA data showed rapid growth in median house sale prices in the first four months of 2021.
A total of 20 suburbs recorded increases of 10 per cent or more since the start of the year, led by Bicton in Perth’s south and the neighbouring coastal suburbs of Sorrento and North Beach, 20 minutes north of the CBD.
Median sales prices have been running hot across Perth amid a COVID-19-driven sales surge here and across Australia.
Bicton also maintained its spot atop the list of growth suburbs in the past 12 months, its median sale price rising 31 per cent since April last year.
Of the 20 suburbs which rose the most, eight were priced at an average of $1 million or more for a house, while nine were valued below Perth’s median house sale price of $508,000.
REIWA president Damian Collins said the institute had forecast 15 per cent price growth in Perth by the end of 2021 but 20 suburbs had either met that figure or were on track to exceed it well before the year’s end.
“For these suburbs to be only a third of the way through the year and already achieving price growth of this magnitude is quite impressive,” Mr Collins said.
“It will be interesting to see if they can maintain this momentum as the year progresses.
“If you own a home in one of these suburbs and are considering selling, now would be the time to ... take advantage of these prosperous market conditions.”
While Bicton experienced the strongest price growth in the first four months of the year, its median house price rising 20 per cent to $1.14m, North Beach (up 17 per cent to $1.05 million), Sorrento (up 16 per cent to $1.118 million) and Applecross (up 15 per cent to $1.79 million) were close behind.
The data revealed strong price growth and a recovery in the market across a range of Perth suburbs.
“Six to eight months ago it was mainly the higher end of the market showing strong growth, but now we are seeing movement across the board,” Mr Collins said.
“From Mandurah to Yanchep, the property market is strong, and this is reflected in the eclectic mix of suburbs that have made this list.”
Got a property in this area and want to see what you may get if you sold? Give us a call today on 08 9339 7079 to discuss how we can help you with your property journey.
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