When it comes to growth, premium suburbs in Perth had the best price performance, March 2018 quarter figures from Real Estate Institute of Western Australia revealed.
According to a report for the Real Estate Conversation, nine of the ten best performing suburbs in the state capital during the first quarter of the year were in the premium segment and have median prices of over $1m.
Professionals Real Estate Group Shane Kempton told Williams Media that these suburbs are those located near a river or the ocean. Applecore was the best performer, with a median home price increase of 32.4% over the past year to $1.6m.
Also on the list are Bicton, North Fremantle, Cottesloe, Kallaroo, Nedlands, Mosman Park, City Beach, and Dalkeith. Ardross is the only suburb with a median price below $1m at $862, 500, which was a 9.4% improvement from last year.
"Historically, rising prices in the premium suburbs of Perth cause a ripple effect throughout the overall market over a one to two years period. Over the coming year, second-tier premium suburbs should perform strongly in the real estate market, as they will be the first areas to benefit from this ripple effect," Kempton told Williams Media, noting that areas such as Booragoon, Como, Shenton Park, Wembley Downs, and Woodlands would likely see prices go up in the next two years.
Kempton said property buyers who are looking to catch great deals should act fast before the market gains momentum and an upward price correction happens.
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