Despite fluctuating prices over the past 12 months, eight suburbs in the Western Australian capital have seen average sale prices pass the million-dollar mark.
Winthrop, Highgate, Leederville, Burns Beach, Fremantle, Carine, Hillarys and Burswood saw their median house price break the seven-figure barrier, joining perennial premium markets like Dalkeith, Peppermint Grove and Cottesloe.
Winthrop saw the greatest leap in median home value, with 28.6 per cent growth over the year to February 2023. A house in the southern suburb rose from $980,000 to $1,260,000.
The chart topper in that neighbourhood was a five-bedroom property boasting a pool and three-car garage that sold for $2,250,000 in June 2022.
Burns Beach was the next highest climber, notching 17.2 per cent annual growth, followed by Highgate, at 15.2 percent, and Carine (15 per cent).
Dalkeith topped the million dollar list with an annual median house price of $3,400,000. Its most expensive house sale was 26 Hobbs Avenue, Dalkeith, which sold for $8,255,000 in October 2022. That’s far from the area’s expensive sale though; that honour goes to 89 Watkins Road, Dalkeith which sold for $27,500,000 in July 2020.
Perth’s most expensive sale in the year to February 2023 was $17 million for a property on The Esplanade, Peppermint Grove.
This growth has in part been powered by a strong demand for housing in the city’s outer suburbs, where buyers have congregated in search of more space and affordable housing options. Areas such as Armadale, Ellenbrook, and Baldivis have seen significant growth in median prices, with some suburbs seeing price growth nearing 30 per cent.
One of the most significant changes in the Perth property market has been the increase in demand for houses, as opposed to homes in multi-dwelling constructions, since the onset of the COVID-19 pandemic. As more people have shifted to remote work, the desire for larger homes with more space has grown. This has created a surge in demand for houses, with many buyers willing to pay a premium for properties that meet their needs.
The influx of interstate migrants similarly helped drive demand for freestanding homes. With Western Australia’s strict border policies and comparatively low COVID-19 case numbers, many people flocked to the state in search of freedom from lockdowns. This increased competition for homes has remained, particularly in the suburbs closer to the CBD.