Perth's great property rivalry: Top 10s reveal if north or south of river is best

Five top 10 tables help to settle the great debate around the Perth property market; which is superior - north or south of the Swan River.

The blue rowing shed on Perth's Swan River
The great divide: Perth's Swan River is the source of much the city's appeal and its ongoing rivalry in everything from sport to real estate. (Image source: Shutterstock.com)

Where is the best place to buy property, north or south of the river in Perth?

While personal preferences play a large role when looking for a home for yourself, investors need to consider factors like capital growth, rental yields, and rent price growth. 

We’ve taken a deep dive into the latest data to find which suburbs currently offer the best opportunities for investors.

House price growth

In terms of capital growth, the south shone with seven entries in the top 10. 

It was, however, the northern suburb of Bellevue that recorded the most growth. Its median house sale price rose 43.4 per cent in the 12 months to the end of September. 

The top five suburbs all recorded more than 40 per cent growth, far outpacing Greater Perth’s 21.5 per cent increase. 

Nine of the top 10 suburbs for house price growth have median sale prices well below Perth’s median of $700,000, making them attractive options for investors looking for an affordable entry-point to the market.

Top 10 Suburbs for House Price Growth

    SUBURB ANNUAL MEDIAN HOUSE PRICE (SEP 2024) ANNUAL HOUSE PRICE GROWTH SELLING DAYS (Q3 2024)
1 N Bellevue $550,000 43.4% 5
2 S Armadale $500,500 43.0% 9
3 S Camillo $528,500 42.8% 10
4 N Midvale $529,500 41.2% 6
5 S Medina $480,000 41.0% 7
6 S Parmelia $553,250 39.7% 6
7 N Viveash $610,000 38.6% 11
8 S Haynes $625,000 38.6% 8
9 S Ascot $1,100,000 38.5% 13
10 S Maddington $580,000 38.1% 9

Source: REIWA. Houses, minimum 28 sales in year to Sep 2023 and to Sep 2024, land size < 1 HA, as at 14/10/2024.

Fastest selling real estate

When homes sell quickly, it’s often a sign of strong demand.

While southern suburbs were in the majority on the fastest selling list, it was again Bellevue that took out the top spot. It recorded the fastest selling time in the three months to September, with houses selling in a median of five days.

This list represents a wide range of price points, suggesting demand is strong across the market, not just the lower end.

Top 10 Fastest Selling Suburbs

    SUBURB ANNUAL MEDIAN HOUSE PRICE (SEP 2024) ANNUAL HOUSE PRICE GROWTH SELLING DAYS (Q3 2024)
1 N Bellevue $550,000 43.4% 5
2 S Yangebup $750,000 36.5% 6
3 S Brentwood $924,000 18.1% 6
4 N Osborne Park $700,000 11.1% 6
5 N Midvale $529,500 41.2% 6
6 S Parmelia $553,250 39.7% 6
7 S Lynwood $655,000 33.7% 6
8 S Langford $581,000 33.6% 6
9 N Ridgewood $610,000 33.0% 6
10 S Greenfields $545,000 31.8% 6

Source: REIWA. Houses, minimum 28 sales in year to Sep 2023 and to Sep 2024, land size < 1 HA, as at 14/10/2024.

Rent price growth

Southern suburbs led the way again, with six suburbs making the top 10 for median rent price growth.

Kewdale recorded the highest growth at 34.6 per cent, while Karrinyup was the top-performing northern suburb and second overall with a 34 per cent increase. For comparison, Greater Perth saw an 8.3 per cent increase in median weekly rent prices for houses over the same period. 

Nine of the top 10 suburbs have weekly median rent prices above the Greater Perth median of $650, and all nine are within 15 kilometres of the Perth CBD.

Top 10 Suburbs for Rent Price Growth

    SUBURB ANNUAL MEDIAN HOUSE PRICE (SEP 2024) ANNUAL HOUSE PRICE GROWTH SELLING DAYS (Q3 2024) MEDIAN WEEKLY HOUSE RENT (Q3 2024) ANNUAL RENT GROWTH (HOUSE) LEASING DAYS (Q3 2024) RENTAL YIELD (SEP 2024)
1 S Kewdale $656,000 15.1% 11 $700 34.6% 16 5.5%
2 N Karrinyup $1,300,000 13.5% 12 $1,025 34.0% 19 4.1%
3 S Applecross $2,205,000 10.3% 16 $1,100 33.3% 24 2.6%
4 S Beeliar $773,500 22.1% 9 $750 30.4% 14 5.0%
5 S Victoria Park $895,000 9.3% 11 $783 30.4% 16 4.5%
6 N Yokine $885,000 22.9% 7 $775 29.2% 23 4.6%
7 N Doubleview $1,035,000 15.0% 9 $850 26.9% 15 4.3%
8 S Coolbellup $702,000 20.5% 7 $680 25.9% 11 5.0%
9 N North Perth $1,325,000 20.5% 12 $850 25.0% 17 3.3%
10 S Kelmscott $550,000 37.5% 9 $600 25.0% 19 5.7%

Source: REIWA. Houses, minimum 15 leases in three months to Sep 2023 and to Sep 2024, as at 14/10/2023.

Fastest leasing suburbs

This list has a northern tilt, with seven of the 10 suburbs north of the river. Heathridge and Greenwood took out the first two positions, with properties leasing in a median of 10 days in the three months to September.

Among the southern suburbs, Coolbellup had the shortest time on market, recording a median leasing time of 11 days.

Top 10 Fastest Leasing Suburbs

    SUBURB ANNUAL MEDIAN HOUSE PRICE (SEP 2024) ANNUAL HOUSE PRICE GROWTH SELLING DAYS (Q3 2024) MEDIAN WEEKLY HOUSE RENT (Q3 2024) ANNUAL RENT GROWTH (HOUSE) LEASING DAYS (Q3 2024) RENTAL YIELD (SEP 2024)
1 N Heathridge $753,100 29.8% 8 $650 12.6% 10 4.5%
2 N Greenwood $799,500 20.2% 9 $738 13.5% 10 4.8%
3 S Coolbellup $702,000 20.5% 7 $680 25.9% 11 5.0%
4 N Nollamara $595,000 30.8% 6 $650 18.2% 11 5.7%
5 S East Cannington $657,500 33.5% 7 $650 18.2% 12 5.1%
6 N Girrawheen $562,000 30.7% 7 $550 13.4% 12 5.1%
7 N Tuart Hill $750,500 21.0% 7 $640 6.7% 12 4.4%
8 N Quinns Rocks $782,500 27.5% 8 $658 1.2% 12 4.4%
9 S Carlisle $705,000 17.5% 8 $695 15.8% 13 5.1%
10 N Dayton $650,000 29.5% 11 $730 21.7% 13 5.8%

Source: REIWA. Houses, minimum 15 leases in three months to Sep 2023 and to Sep 2024, as at 14/10/2023.

Gross rental yields

The southern suburbs again lead when it came to rental yields, with six suburbs in the top 10.

The highest yield was found in Queens Park at 6 per cent, which compares to 4.8 per cent in Greater Perth. All 10 suburbs had a median house sale price below the Greater Perth median of $700,000 in September and yields over 5 per cent.

Top 10 Suburbs by Rental Yield

    SUBURB ANNUAL MEDIAN HOUSE PRICE (SEP 2024) ANNUAL HOUSE PRICE GROWTH SELLING DAYS (Q3 2024) MEDIAN WEEKLY HOUSE RENT (Q3 2024) ANNUAL RENT GROWTH (HOUSE) LEASING DAYS (Q3 2024) RENTAL YIELD (SEP 2024)
1 S Queens Park $600,500 22.3% 6 $690 15.0% 23 6.0%
2 S Camillo $528,500 42.8% 10 $595 24.0% 17 5.9%
3 N Dayton $650,000 29.5% 11 $730 21.7% 13 5.8%
4 N Balga $535,000 33.1% 11 $600 9.6% 13 5.8%
5 S Armadale $500,500 43.0% 9 $560 21.7% 23 5.8%
6 S Hilbert $602,000 25.4% 12 $670 11.7% 25 5.8%
7 N Nollamara $595,000 30.8% 6 $650 18.2% 11 5.7%
8 S Kelmscott $550,000 37.5% 9 $600 25.0% 19 5.7%
9 N Westminster $588,500 33.1% 11 $640 28.0% 14 5.7%
10 S Mandurah $479,000 30.5% 10 $520 15.6% 16 5.6%

Source: REIWA. Houses, minimum 28 sales in year to Sep 2023 and to Sep 2024, land size < 1 HA, minimum 15 leases in three months to Sep 2023 and to Sep 2024, as at 14/10/2023.

North or South, which is best?

Although the southern suburbs had the greatest representation on four of the five lists, northern suburbs claimed top spot on three lists. What the data shows is there are good investment opportunities available on both sides of the river, depending on budget and goals.

While this was an interesting study of the Perth market, investors need to remember that past performance isn’t a guarantee of future performance.

The very strong house price growth Perth has seen in the past year will moderate over the medium to longer term as the WA Government’s various initiatives to boost housing supply take effect and supply increases. 

We have already seen the rental market ease over 2024, with the vacancy rate increasing and median rents stabilising.

Article Q&A

Where are Perth property prices rising the most?

In terms of capital growth, the south of the river in Perth shone with seven entries in the top 10. It was, however, the northern suburb of Bellevue that recorded the most growth. Its median house sale price rose 43.4 per cent in the 12 months to the end of September.

Where in Perth are homes selling the fastest?

While Perth's southern suburbs were in the majority on the fastest selling list, it was Bellevue that took out the top spot. It recorded the fastest selling time in the three months to September, with houses selling in a median of five days.

Where are rents rising fastest in Perth?

Kewdale recorded the highest growth at 34.6 per cent, while Karrinyup was the top-performing northern suburb and second overall with a 34 per cent increase. For comparison, Greater Perth saw an 8.3 per cent increase in median weekly rent prices for houses over the same period.

Where are the highest rent yields in Perth?

The highest yield was found in Queens Park at 6 per cent, which compares to 4.8 per cent in Greater Perth. All of the top 10 suburbs had a median house sale price below the Greater Perth median of $700,000 in September and yields over 5 per cent.

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