The recovery of the Perth property market continues to gain momentum, with reiwa.com data revealing 20 suburbs have now reached their highest median house sale price on record.
REIWA President Damian Collins said the Perth property market last peaked in 2014 when the median house sale price hit $545,000, and now, seven years later, 20 suburbs have seen their median prices exceed where they were in 2014.
“The Perth median house sale price for the March 2021 quarter came in at $500,000, which is still a fair-way off the previous peak of $545,000, so it’s very impressive that 20 Perth suburbs have not only climbed back up to their 2014 medians but reached new historic heights.
“Cottesloe has seen the biggest rebound in price, with its median lifting 22% since 2014, to $2.262 million in the March 2021 quarter. Floreat was a close second, with its median now sitting 19% above its June 2014 quarter median at $1.565 million,” Mr Collins said.
Reiwa.com data shows 12 of the suburbs on the list were in the $1 million-plus price range.
“While the bulk of the suburbs on this list are from the upper-end of the market, there is still good representation from all areas. It is promising that all sectors of the market appear to be gaining momentum simultaneously," Mr Collins said.
“When the Perth market hit the bottom in the June 2020 quarter, the Perth median house price sunk to $475,000. A lot of homeowners lost value in their properties during the downturn, so it’s pleasing to see the quick gains that have occurred over the last eight months.
“While the market still has a way to go before it is back to its 2014 peak, the signs are very encouraging that we will achieve that before the end of the year, which will be welcome news for Perth owners and sellers.”
Source: REIWA 27 May 2021