Perth 18 September 2014. According to the Real Estate Institute of Western Australia, new data show that over the last year an additional 26 suburbs in metropolitan Perth experienced house and unit sales of $1 million or more over the previous year.
REIWA President David Airey said that in 2012-13, sales of between $1 million and $2 million accounted for 6.7 per cent of houses and 3.3 per cent of apartments, but this had grown in 2013-14.
“Current Landgate data show that sales of between $1 million and $2 million accounted for 8.2 per cent of houses and 3.4 per cent of apartments, which pulled many more suburbs into the million dollar club,” Mr Airey said.
Mr Airey stressed that this was not the new median price for these suburbs, only that $1 million dollar sales had been achieved in these areas, sometimes for the first time.
“Six suburbs are completely new to this list while others have returned from previous years after being absent in 2012-13,” Mr Airey said.
The six new suburbs included:
Ellenbrook, Huntingdale, North Lake, Piara Waters, Pickering Brook and Wandi.
Suburbs that were not on last year’s $1 million to $2 million list but which have made a return from previous years included:
Atwell Bedfordale Currumbine Edgewater
Golden Bay Gosnells Harrisdale Helena Valley
Kelmscott Madeley Mount Nasura Munster
Port Kennedy Secret Harbour Spearwood St James
Warnbro White Gum Valley Wilson.
Belmont was the only new entry for apartments over $1 million.
Mr Airey said some of these sales were very large blocks with single dwellings and ripe for multi-residential redevelopment, while others were more typical purchases.
Current REIWA data puts Perth’s median house price at $540,000, with units and apartments at around $450,000.
Metropolitan land reported a June quarter median of $285,000 per lot.
Across regional WA, the median house price was closer to $380,000 in the June quarter, with units and apartments at around $330,000 and land at $180,000 per lot.
CONTACT
REIWA President David Airey m 0418 906 002
Brian Greig REIWA Media m 0417 946 917 p 9380 8274
Executive Manager Communications & Advocacy
9380 8222 (main)
9380 8274 (direct)
0417 946 917
brian.greig@reiwa.com.au
reiwa.com
