Perth's top 10 suburbs for winter price growth
Perth property buyers shrugged off the Western Australian capital’s wet winter to drive price growth in more than 230 suburbs - we dig into the 10 locations which recorded the biggest gains.
On a year-to-year basis, there is no other capital city property market in Australia that’s been flipped on its head as much as it has in Perth.
In 2020, the traditional winter slowdown was in full effect, with just 104 suburbs recording price growth from June until the end of August.
But in 2021, that number more than doubled, as 233 suburbs across the Perth metropolitan area experienced capital growth.
“The Perth property market has changed dramatically since winter 2020, which is reflected in the number of suburbs that saw price growth this year,” Real Estate Institute of WA president Damian Collins said.
“The Perth property market is firmly in a recovery phase and many suburbs are feeling the benefits of this current growth cycle.”
Mr Collins said the 10 biggest gainers represented a wide range of market segments, with entry level suburbs such as Orelia posting uplifts alongside prestige suburbs such as Swanbourne.
“It will be interesting to observe how price growth across the Perth region fares over the coming months, now that the spring selling season has kicked off,” he said.
“Given the current low supply and strong buyer demand, it looks like we will continue to see price growth.”
REIWA’s top 10 winter growth suburbs
- Median house price: $310,000
- Winter price growth: 16%
- Gross rental yields: Houses 5.7%, Units 6.7%
Nestled close to the picturesque Perth Hills, Brookdale is located around 26 kilometres south-east of the Perth CBD. As well as recording Perth’s biggest winter lift in median price, sales volumes have risen sharply in Brookdale, with the number of transactions up 43 per cent year-on-year.
- Median house price: $1.5 million
- Winter price growth: 12%
- Gross rental yields: Houses 4.1%, Units 5.8%
Located around 8km north-west of the Perth CBD, leafy Churchlands is an aspirational suburb for many families thanks to its wide range of quality schools and outdoor recreational areas such as Herdsman Lake. Median rents are relatively high in Churchlands at $950 per week, but remain under the 10-year peak of $1,000/week recorded in July 2014.
- Median house price: $1.535 million
- Winter price growth: 12%
- Gross rental yields: Houses 4%, Units 4.6%
Shenton Park is one of the jewels in the City of Subiaco, with its quiet tree-lined streets, large blocks and big family homes attractive for many types of property buyers. The suburb’s winter price growth was not an outlier either, with REIWA recording 28 per cent growth in Shenton Park year-on-year.
- Median house price: $1.725 million
- Winter price growth: 11%
- Gross rental yields: Houses 3.7%, Units 4.7%
Beachside Swanbourne provides residents all the amenities of inner city living, being located just 12km from the CBD, but also a low density suburban feel, and of course a stunning strip of sand leading to the Indian Ocean. Some of Perth’s most prestigious schools are within a stone’s throw of Swanbourne, while the nearby Cottesloe Golf Course adds to its aspirational appeal.
- Median house price: $541,000
- Winter price growth: 10%
- Gross rental yields: Houses: 4.4%, Units 5.4%
Located 7km from the CBD between the Town of Victoria Park and the City of Canning, St James is one of Perth’s most affordable near-city suburbs. Nearly half of the occupied properties in St James are rentals, while the suburb’s median age of residents is 32 years.
- Median house price: $1.15 million
- Winter price growth: 10%
- Gross rental yields: Houses 4.6%, Units 4.9%
Another coastal suburb recording strong growth is Wembley Downs, located in Perth’s inner north-west. Wembley Downs shares many of the same sought-after characteristics of its neighbouring beachside suburbs, with its housing stock predominantly large family homes boasting a big range of different architectural styles.
- Median house price: $580,000
- Winter price growth: 9%
- Gross rental yields: Houses 5.3%, Units 5.9%
Just south of Mandurah on the southern outskirts of metropolitan Perth is Wannanup, a relatively new suburb bordered by the Indian Ocean to the west, the Harvey Estuary to the east and the Dawesville Channel to the south. Wannanup has been among Perth’s biggest risers in the last 12 months, with its median house price rising by 30.3 per cent, according to REIWA.
- Median house price: $290,000
- Winter price growth: 9%
- Gross rental yields: Houses 5.3%, Units 6.4%
The most affordable suburb among Perth’s big winter gainers is Orelia, located close to the industrial hub of Kwinana. Considered to be a good option for investors, first homebuyers and young families, Orelia has recorded annual price growth of 18.3 per cent.
- Median house price: $1.09 million
- Winter price growth: 9%
- Gross rental yields: Houses 4.1% Units 5.8%
Located around 9 kilometres northwest of the Perth CBD, Woodlands is a well-established suburb with the majority of homes first built in the 1960s and 1970s. Transaction volumes are up 64 per cent year-on-year in Woodlands, while 50.8 per cent of the properties in the suburb are owned outright, with just 16.9 per cent being rented.
- Median house price: $520,500
- Winter price growth: 8%
- Gross rental yields: Houses: 4.4%, Units 5.7%
Just east of historic Fremantle in Perth's south lies Hamilton Hill, a working class suburb with an eclectic mix of older cottage-style homes and modern medium-density developments. The biggest proportion of homes in Hamilton Hill are occupied by renters (36.8 per cent), while median rents in the suburb have risen by $45 per week since the start of 2021.
