Data from the Real Estate Institute of Western Australia (REIWA) shows that there has been a steady increase in the proportion of sales above $1 million in Perth since 2012.
REIWA president Hayden Groves said that it is noteworthy that this increase has occurred despite the challenges the city has experienced.
“It’s interesting that the proportion of sales occurring above $1 million has increased during a time when the Perth property market and the WA economy have experienced a difficult few years,” Mr Groves said.
Currently, the percentage of houses selling for over $1 million is at 11 per cent, which Mr Groves said is the highest it’s ever been. As a comparison, for the year to June 2012, the percentage of house sales in the Perth metro area above $1 million was at just 7 per cent.
The top five Perth suburbs to record the most house sales over $1 million to June 2018 were:
- Nedlands – 95 houses sold
- Cottesloe – 93 houses sold
- Floreat – 89 houses sold
- Claremont – 77 houses sold
- Mosman Park – 75 houses sold
“Buyers clearly recognise there is excellent opportunity in these aspirational suburbs to purchase high-quality family homes at prices we are not likely to see again as the market recovers,” Mr Groves said.
Additionally, the number of Perth suburbs with median house prices sitting at least $1 million is on the rise, now at 37 suburbs, up from 31 last year.
“Demand in these suburbs has clearly strengthened. Data shows 25 of those 37 suburbs are selling faster than the overall Perth metro region figure, which indicates buyers need to act quickly in these areas to ensure they don’t miss out,” Mr Groves said.