In July 2021, Smart Property Investment stated that Western Australia now had about 10 suburbs in its capital, Perth, where median price growth exceeded 25 per cent in 2020. Another survey by the Real Estate Institute of Western Australia (REIWA) recorded that 20 suburbs in the area had recorded increases of 10 per cent or more since the start of the 2021.
REIWA reported that Salter Point is the fastest growing suburb in Western Australia with an enormous 44.7 per cent growth rate year-on-year, in July 2021. The median price for the suburb now sits at $1.35 million. Ascot was also reported as coming in second place, recording a 42.1 per cent annual price growth on its way to a median house price of $810,000. WA today also reported that Bicton experienced the strongest price growth in the first four months of the year alone, with its median house price rising 20 per cent to $1.14m.
Below is a list of the fastest growing suburbs in Western Australia by median house price and growth percentage according to current statistics and reports from REIWA and other Western Australian sources.
- Inglewood; median house sale price in Inglewood is $882,000, which is 14.7 per cent higher than what it was the same time last year. It offers a unique charm with its rich history and heritage. This suburb has been reported as having the fastest house sale rate and this has contributed to its position at the top of this list.
- Broome; has sales activity rising strongly and prices responding, the median house price is now $480,000. Vacancies in this area are near zero and there has been a massive rise in residential rentals. Prices have risen 10%-11% in the past year and everything points to even higher growth for the area in the near future.
- Wembley; the median house sale price here is $1.26 million, which is a 23.2 per cent increase compared to the same time last year. With 96 houses sold in the 12 months to July, Wembley is a large western suburb. Wembley is well catered for when it comes to sporting and recreational facilities as well as nature reserves and parks.
- Carey Park; being the largest regional city in WA with a multi-faceted economy and an important export port. The suburb in Bunbury is typical of what the city offers: affordable housing, with a median price still in the mid-$200,000s, despite a big annual increase. An 8% median price rise in the latest quarter suggests there is more growth to come, boosted by vacancies at just 0.5% and rents rising strongly.
- Halls Head; the key regional centre of the Mandurah city is ideally situated for growth as it is well-connected through road and rail links. There has been a massive rise in sales activity in Mandurah suburbs in the past six to nine months, 375 house sales in Halls Head in the past year.
A few other notable areas are: Clarkson, Kingsley and Scarborough.
The real estate market has shown progressive and positive growth within the last 12 months despite hitting the bottom of the market in July 2020. REIWA also stated that the area’s property market recovery has been widespread in suburbs from all different price spectrums of the market. Beating out areas like Sydney and Melbourne, Western Australia (Perth specifically) has become a prime place of growth.
Hope this helps and feel free to contact us for additional information.
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