Damian Collins, Chairman of the Real Estate Institute of Western Australia (REIWA), revealed the data and said “2021 has been a great year for the housing market as a whole and an even bigger year for these top 10 suburbs.”
Five of the 10 suburbs on the list had median sale prices above $1 million, with three hitting the $1 million milestone in 2021, according to the REIWA report.
Historic records were set and Mr. Collins highlighted some milestones:
“Woodlands hit the $1m price range for the first time ever this year, while Wembley Downs’ median price topped $1m for the first time since 2019, and the median price of exceeded for the first time since 2017.”
Woodlands landed first in price growth, with its median home price rising 35% to $1.23 million.
Shenton Park came second with a price increase of 32.1% and Hillman ranked third with a price increase of 29.1%.
“We also saw seven of the 10 suburbs meet or exceed their previous highest median sale prices, which is really good news for homeowners in those areas,” Collins said.
However, not all of the suburbs on the list have reached their previous peak prices, such as Hillman, Lockridge and Brookdale.
The slump in the housing market has had the biggest impact on the lower end of the Perth market, and these suburbs have yet to catch up with its economic impact, the REIWA chairman explained.
Mr Collins believed that the upward trajectory of the Perth property market would be maintained, and he even hinted at double-digit price growth for the next 12 months.
“It will be interesting to watch the growth trajectory of these suburbs over the next 12 months. REIWA does not foresee an imminent downturn in market conditions, with our Perth outlook predicting further price growth of 10% in 2022.”
Here are REIWA’s top 10 suburbs for price growth in Perth for 2022:
|SUBURB||MEDIAN HOUSE SALE PRICE 2020||MEDIAN HOUSE SALE PRICE 2021||RATE OF GROWTH|
|1. Drink||$911,250||$1.23 million||35.0%|
|2. Shenton Park||$1.27 million||$1.677 million||32.1%|
|5. Wembley Downs||$975,000||$1.25 million||28.2%|
|6. North Beach||$900,000||$1.15 million||27.8%|
|9. Swanbourne||$1.5 million||$1.875 million||25.0%|
*Data is based on Landgate-settled sales as of January 12, 2022.
Property refers to something tangible or intangible over which an individual or business has legal rights or ownership, such as houses, cars, stocks, or bond certificates.