New report reveals rapid house price growth for many Perth suburbs last year

A new report released by REIWA last week has revealed the fastest growing Perth suburbs by house price for the 2022-23 financial year.

The news comes against the flow of rising interest rates, with Perth setting new records and becoming the only city that recorded moderate price growth

“This is due to our strong economy, low unemployment rate, lower than average mortgages and higher than average wages,” said REIWA CEO Cath Hart.

“While the rate rises have certainly impacted household spending, many people have been able to adjust to the increase in their repayments.”

Overall, the median house price rose 4.6% to $550,000 (a new high), while the median unit price fell 3.2% to $399,000.

According to the data, Winthrop topped the list for median house price growth, going up 25.3% to $1,250,000 and taking on average 15 days to sell.

Amongst the others listed in the top 10, only three suburbs – Lathlain (19.4% to $940,000), Trigg (18% to $1,770,000) and South Perth (17.4% to $1,790,000) – had house prices above the median, with the rest falling well below.

“Affordability was also a focus for buyers in 2022-23 with the end-of-year data revealing that all of the Top 10 fastest selling suburbs were well below the Perth median house price,” said Hart.

Amongst the rest of the houses in the list, Middle Swan (21.6% to $413,500), Bullsbrook (20.% to $462,500) and Parmelia (19.2% to $375,500) were in the top five, with Coodanup, Orelia and Cooloongup rounding out the top 10.

It will come as no surprise to many people out there that the Perth rental market has also been setting new records.

“The median rent for the month of June rose to $580 per week for houses and $530 per week for units,” said Ms Hart.

“The rental vacancy rate reached a 42-year low of 0.6 per cent in December and has been 0.7 per cent for nine of the past 12 months.

“Given ongoing stock shortages and sustained demand from new interstate and overseas arrivals, we expect these trends to continue into the first half of the 2023-24 financial year.”

You can read for the full report, including top 10 suburbs for rent price growth, fasting leasing suburbs and more, here.

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