You may have heard that Perth is experiencing a buyer’s market. Property prices are dropping as supply is catching up with demand. But it’s not all bad news for home sellers because there are still some pockets within Perth that are experiencing strong growth.
Overall, land has increased in price by 13% over the last quarter, and purchases by first home buyers and trade-up buyers have increased. A lot of the price growth can be attributed to the construction of Perth Stadium and the extensive development of Crown Casino. These expansions are creating a chain of supply and demand which is stimulating a positive impact on property prices in the area. The vibrant family-friendly coastal suburbs remain in-demand with close proximity to prestigious schools, expansive parklands and access to the Swanbourne foreshore. Finally, forward planning and redevelopment in Scarborough promises good growth.
The latest exclusive REIWA analysis has just landed and we’ve got our paws on it. The stats tell us that standout suburbs in terms of change in annual median prices are Burswood (+16.7), Swanbourne (+14.8) and Trigg (+12.9). Read on to learn which other top-performing suburbs are still experiencing growth in a slow market.
In sub-central Perth, housing sales volumes are strongest in the $400K to $450K price range, which offers good news for Aussie families looking to sell. Presently, the median price for house sales in central Perth is $681K.
The northwest subregion
The northwest subregion has some of the strongest performing suburbs in Perth, especially in the Joondalup area. These suburbs are experiencing good growth due to infrastructural investments which should see the area continue to perform well over the coming years.