29 Perth suburbs exceed 10 per cent price growth in 2022
Mount Hawthorn, just north of the CBD, led a list of 29 Perth suburbs that experienced median house price growth above 10 per cent so far in 2022, while 56 recorded growth in August.
| Rank | Suburb | Median house sale price | Price growth 2022 to date |
|---|---|---|---|
| 1 | Mount Hawthorn | $1.265 million | 16.3% |
| 2 | North Perth | $1.15 million | 15.8% |
| 3 | Warwick | $680,000 | 14.8% |
| 4 | Carine | $1.02 million | 14.3% |
| 5 | Iluka | $1.027 million | 14.1% |
| 6 | East Fremantle | $1.475 million | 13.5% |
| 7 | Mullaloo | $940,000 | 13.2% |
| 8 | Attadale | $1.537 million | 13.0% |
| 9 | Subiaco | $1.625 million | 13.0% |
| 10 | Madora Bay | $610,000 | 13.0% |
| 11 | Sinagra | $525,000 | 13.0% |
| 12 | Waikiki | $423,000 | 12.3% |
| 13 | Mount Claremont | $1.74 million | 12.3% |
| 14 | Karrinyup | $1.065 million | 11.9% |
| 15 | Cottesloe | $2.85 million | 11.8% |
| 16 | Two Rocks | $447,000 | 11.7% |
| 17 | Padbury | $670,000 | 11.7% |
| 18 | West Leederville | $1.42 million | 11.6% |
| 19 | Sorrento | $1.283 million | 11.6% |
| 20 | Riverton | $736,500 | 11.2% |
| 21 | Gwelup | $1.1 million | 11.1% |
| 22 | Silver Sands | $525,000 | 10.5% |
| 23 | Shoalwater | $530,000 | 10.4% |
| 24 | Rivervale | $612,500 | 10.4% |
| 25 | Midland | $358,500 | 10.3% |
| 26 | Hammond Park | $568,000 | 10.3% |
| 27 | Craigie | $548,750 | 10.2% |
| 28 | Mount Helena | $595,000 | 10.2% |
| 29 | Edgewater | $642,500 | 10.1% |
*Data is for suburbs with 28 or more annual house sales to 31 July 2022. This information is copyright © 2022 REIWA, all rights reserved.
Twenty-nine Perth suburbs have recorded median house sale price growth of more than 10 per cent during the 2022 calendar year to date.
Mount Hawthorn experienced the strongest growth, with its median increasing 16.3 per cent to $1.265 million.
North Perth came in second, with 15.8 per cent growth, followed by Warwick (14.8 per cent growth), Carine (14.3 per cent growth) and Iluka (14.1 per cent growth), while the Fremantle area continues to perform well.
August also delivered median house sale price growth for 56 Perth suburbs, despite CoreLogic’s Perth home value index declining 0.2 per cent.
REIWA President Damian Collins said while the overall Perth market had seen prices grow 4.2 per cent between 1 January and 31 July, there were a considerable number of suburbs that had far exceeded that figure.
"These 29 suburbs have experienced substantial price growth in a relatively short period of time, which is very impressive – especially when you factor in the four rate rises since May.
"It will be interesting to observe how they perform for the remainder of the year and whether they can sustain the momentum of this growth trajectory,” Mr Collins said.
Further analysis revealed an additional 105 Perth suburbs had seen price growth of five per cent or more during the 2022 calendar year to date.
"REIWA agents on the ground continue to report solid market conditions, and this is reflected in the large number of suburbs that have seen strong price growth in 2022,” Mr Collins said.
“While interest rate rises will naturally have some impact on our local market, West Australians are the best placed in the country to manage the costs of servicing a loan.
“Not only do we have the most affordable housing in the country and a strong economy and jobs market, but we also have a housing shortage and growing population.
“While there may be some fluctuation month to month, all these factors point to Perth’s current growth cycle continuing.”
Property prices among Perth's best performing suburbs shot up by more than 30 per cent in the just completed financial year.
Prestige suburbs dominate the top 10 in the current list but many affordable suburbs are also generating strong capital growth, including Midland, Sinagra, Shoalwater and Craigie.
August’s top performers
REIWA President Damian Collins said a minor dip in the home value index was always a possibility given the interest rate environment, but that Perth was holding up very well overall – particularly in comparison to other capital cities around the country.
“We anticipate there will be fluctuations month-to-month in the overall Perth figure as buyers adjust to interest rates rising, however Western Australia’s strong economy, growing population and housing shortage point to the current growth cycle continuing.
“At a suburb level, reiwa.com data reflects feedback from REIWA agents who continue to report fierce competition for properties and good outcomes for sellers on the ground.
The five suburbs to record the biggest increase in price during August were Maida Vale (up 3.1 per cent to $593,750), Cooloongup (up 2.6 per cent to $370,000), Hillarys (up 2.5 per cent to $1.005 million), Southern River (up 2.2 per cent to $625,000) and Orelia (up 1.9 per cent to $327,500).
Other suburbs to perform well for median house sale price growth were Stirling, Seville Grove, Woodvale, Yanchep and Girrawheen.
