Perth property prices recently hit new records. Data from the Real Estate Institute of Western Australia revealed Perth’s real estate market broke house price records across the 2022-2023 financial year. As July wrapped up, REIWA data also revealed Perth house prices beat the 2014 peak, reaching a new high of $560,000.
A new Hotspotting report on the Perth property market reveals that the growth is yet to stop, as Perth’s full potential has not been fully realised. Hotspotting Director, Terry Ryder, said Perth continues to be Australia’s strongest property market, with a busy and competitive housing scene and rising prices.
The housing market in Perth is expected to continue experiencing price increases in the near future, which can be attributed to the fact that it continues to offer affordability compared to other major cities in Australia.”
Perth property prices are predicted to grow by 8%, according to Westpac, with PropTrack also predicting strong dwelling price growth for Perth.
Perth’s top five property hotspots
- City of Stirling
- City of Canning
- City of Armadale
- City of Belmont
- City of Gosnells
- City of Stirling
Ranked as Hotspotting’s number one national growth star in the Autumn 2023 Price Predictor Index, the LGA is the largest in Western Australia and is the second largest employment area in the state.
Of the 24 Stirling suburbs in the winter analysis, 19 were found to have positive sales patterns – only one down from that of the Autumn report.
The attractive location and a growing range of quality amenities are also significant attractions for the area. According to reports it is unsurprising that the Stirling postcode of 6061 – Balga and Nollamara – now attracts some of the highest numbers of first home buyers in WA.
- City of Canning
Another Perth location hailed for its affordability is the City of Canning, with many locations recording median house prices in the $400,000s to $500,000s range.
Most of Canning City suburbs recorded growth in their median house price in 2022 and in 2023 to date. Parkwood experienced a 10% annual rise to reach a median of $570,000 based on 79 sales.
Shelley also saw stand out annual growth of 19 per cent, based on 43 sales. Canning City’s average annual growth over the past decade remains modest at four to five per cent.
However, with the growth currently being experienced in this precinct, it’s likely these figures will improve in the near future according to Proptrack reports.
- City of Armadale
Sitting close to an hour out of Perth, the City of Armadale also plays the affordability card well, with medians ranging between $300,000 to $400,000.
The Autumn 2023 edition of The Price Predictor Index found that the stand-out precincts were municipalities towards the bottom end of the Perth market, including the LGAs of Armadale and nearby Canning.
Of the 10 City of Armadale suburbs in the report’s analysis, seven were rising or consistent markets, which included Camillo (median house price $335,000), Kelmscott ($380,000) and the suburb of Armadale ($315,000). Armadale is the most affordable location and the most popular with buyers, recording 448 house sales in the past year, more than double the number sold two years earlier.
Camillo leads the pack, with its median house price up 14% from a year ago, according to CoreLogic data. Armadale and Seville Grove ($405,000) were not far behind, up 13%. Brookdale ($350,000) and Piara Waters ($625,000) both rose 12% over the year.
- City of Belmont
Close to both the Perth CBD and the airport, the suburb is set to benefit from a range of major infrastructure projects, including the airport expansion, airport rail line, and Tonkin Highway upgrade. Rivervale is the busiest suburb for property sales in the LGA, recording 143 house sales and 327 unit sales in the year to May 2023, according to CoreLogic.
The suburb has seen its median house price increase by six per cent during this time to $625,000 and rental yields for houses in the LGA are typically 4.5% to 5.5%.
The best yields can be found in Cloverdale, where the typical yield of 5.5% is based on purchase price of $490,000 and a weekly rent of $480.
Units are generally cheaper to buy and typically priced in the $300,000s. Yields are higher in the unit sector – typically around 6.5% to seven per cent.
- City of Gosnells
Next door to Armadale, this LGA is set to benefit from billions of dollars going into the shipping industry and renewables projects. More than 40,000 people are projected to move into the Gosnells LGA by 2036, which means around 20 new homes will need to be built per week. Like Armadale, the City of Gosnells tends to have homes within the $300,000 to $400,000 range.
Source: Core Logic, Proptrack, www.propertytribune.com.au
How can we help? if you have any questions or would like further information, please feel free to give our office on 08 9221 5522 or via email – info@camdenprofessionals.com.au or arrange a time for a meeting so we can discuss your requirements in more detail.
General Advice Warning
The material on this page and on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this page and on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs.
Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this page and on this website are for illustrative purposes only.
Although every effort has been made to verify the accuracy of the information contained on this page and on this website, Camden Professionals, its officers, representatives, employees, and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.
Recent Comments