Perth has once again experienced a surge in house prices, reaching a new record median of $590,000 last month.
This is the most substantial quarterly increase in three years and not only this, but it's almost $50K higher than our previous peak back in 2014.
I’m quietly confident that Perth will maintain its position as Australia's top price growth city through to 2026. The ongoing influx of international and interstate migration (which has already contributed to a statewide housing crisis) is expected to drive the median house price in Perth to to continue increasing and I really can't see this changing in the foreseeable future.
I often get asked, well what about suburbs that haven’t recorded price growth?
While the median price rose is most suburbs across Perth last year, there will always be a handful of suburbs that didn't.
The main correlation between these suburbs is their price - they tend to be the most aspirational suburbs where they are reaching a price that most people within the area are now struggling to afford with the rapid rise in interest rates such as Dalkeith or Nedlands as an example.
Are there any suburbs to watch?
Infrastructure is an extremely strong factor in driving demand, so I always say look at the wider suburb and it's future plans.
According to realestate.com.au - the suburbs to watch include; Armadale, Bayswater, Busselton, Fremantle, Geraldton, Mandurah, Noranda, Quinns Rocks, Rockingham, Tuart Hill, and Victoria Park - all tipped to experience serious price growth this year.