It’s no secret the Perth property market is experiencing an unprecedented boom.
As returning residents and new arrivals flock to Western Australia, rentals have become extremely difficult to come by and properties are being sold in record time. And with national borders re-opening, as well as international borders expected to open in 2022, the number of people migrating to WA is only expected to keep rising.
What does this mean for the Perth property market?
Record low vacancy rates, a major rental shortage and low housing supply is driving demand across Perth’s rental and housing markets. This increased demand has meant we’re starting to see an increase in property prices across Perth, following a long period of low growth.
We’re also seeing high levels of confidence within the local housing market, which is due to a combination of record low interest rates, strong market conditions, tight supply and strong rental returns.
And this positive outlook is only expected to continue, with forecasts suggesting the Perth housing market will continue in an upward trajectory for the remainder of 2021.
Where are the top five locations for home sales in Perth?
We’ve done some digging and come up with the top five locations where P&N Bank home loan members have been buying over the past 12 months.
Mandurah and nearby suburbs ranked number one for P&N home loan members who have purchased in the past twelve months.
The heart of the Peel district, Mandurah is a thriving regional city and popular tourist destination that has a vibrant mix of residential and commercial offerings. There’s a range of options available for those looking for a sea change, inlcuding family homes, apartments, new estates and sprawling waterfront properties.
In 2020, there were 308 home, unit and land sales across Mandurah. The median house price is currently sitting at $260,000, with the area having experienced 7.7% annual growth. The median unit price is $280,000, with units experiencing 5.9% growth over the past year. Median rent is sitting at $300 per week.
With a major shopping centre, plenty of restaurants, a bustling foreshore and all the water activities you could dream of on your doorstep, Mandurah is hitting the mark for many home buyers.
Coming in second place is Clarkson and its surrounds.
Located in Perth’s northern corridor, Clarkson is a thriving suburb that has seen exponential growth over the past 30 years. A large number of new homes popped up between 1991 and 2011 in the area, which was made even more popular by the Joondalup railway line extension.
The median house price for the Clarkson is currently sitting at $365,000, while the median unit price is $265,000 having experienced 1.9% growth over the past year. Median rent is sitting at $380 per week and there were 305 home, unit and land sales during 2020.
With an abundance of parks, shopping centres and schools in close proximity, Mindarie Marina around the corner, and the stunning Yanchep National Park only a 20-minute drive away, it’s not surprising Clarkson is so popular.
Tied in second place is Swan View and its neighbouring suburbs, located in Perth’s east.
With John Forrest National Park in their backyard, residents of Swan View are able to enjoy an abundance of parks and open public space.
Swan View has experienced high growth over the past 12 months. The median house price is currently sitting at $370,000, with the area experiencing 12.1% annual growth, while the median unit price is $212,000, with units experiencing 10.1% growth over the past year There were 179 sales of homes, units and land in 2020 and media rent is sitting at $370 per week.
Only 25 minutes from Perth’s CBD, and with all the amenities you could ever need at your doorstep, such as schools, shops and recreation, there’s plenty to love about Swan View.
Harrisdale and its surrounds came in close fourth for P&N Bank home loan members in 2020.
One of the fastest growing regions in Perth, Harrisdale is located 20 kilometres from Perth’s CBD and a popular choice for many home buyers.
In 2020, there were 309 sales of homes and land, with the median house price for the area currently sitting at $485,000 having experienced 2.5% annual growth. The median land price is $278,000, with land experiencing 1.1% growth over the past year, and median rent is sitting at $420 per week.
With schools, shopping, recreation and community facilities located in close proximity, Harrisdale’s family-friendly vibe will have many flocking to the area.
Last, but not least, is Success and the surrounding suburbs in Perth’s south.
The bustling suburb of Success is located only a short drive or train trip from Perth’s CBD and has an array of restaurants, shopping and recreational facilities on offer.
The median house price for the area is currently sitting at $483,000, with homes in Success experiencing 1.9% annual growth. The median unit price is $269,000, with units experiencing 2.5% growth over the past year. In 2020 there were a total of 253 sales of homes, units and land, and median rent is sitting at $450 per week.
Everything you need is located in short proximity, and your only a hop, skip and a jump away from the city centre or the coastal town of Fremantle. Success is surrounded by lakes, natural wetlands, parklands and reserves making it an idyllic location for any house hunter.
Data from reiwa.com.au. Current as at 18 May 2021.
If you're in the market for a new home or wondering if it is time to sell, what your property could be worth and would like a free valuation, please call us on 13 25 77, visit a branch or book an appointment with one of our mobile lenders today.
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