Nearly 30 suburbs have seen double-digit property price growth this year despite four rate increases, with Mt Hawthorn topping the list with a whopping 16.3 percent increase.
New data from the WA Real Estate Institute shows an additional 105 suburbs have seen price growth of more than 5 per cent, which is above the 4.2 per cent average growth in Perth since January 1.
It’s also more than the 30-year average increase, with separate research from Corelogic showing Perth house prices have risen 4.8 per cent annually over the period.
The Inner North saw the strongest price growth, with Mt Hawthorn’s median home prices now at $1.265 million.
North Perth was next with 15.8% growth in calendar year 2022, bringing the median home price to $1.15 million.
Warwick (14.8%), Carine (14.3%) and Iluka (14.1%) followed.
REIWA President Damian Collins said the increases were substantial and impressive.
“It will be interesting to see how they perform through the rest of the year and whether they can maintain the momentum of this growth trajectory,” he said.
Collins said REIWA brokers continued to report strong market conditions, despite successive RBA rate hikes.
He expected that the rate increases would eventually affect the market.
“While interest rate increases will naturally have some impact on our local market, Western Australians are the best placed in the country to manage the costs of servicing a loan,” he said.
“Not only do we have the most affordable housing in the country and a strong economy and job market, but we also have a housing shortage and a growing population.
“While there may be some month-to-month fluctuation, all of these factors point to Perth’s current growth cycle continuing.”
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