Western Australia has recorded one of the highest portions of suburbs experiencing peak property prices in the country, according to a new report.
Almost three quarters of Perth suburbs have recorded all-time highs in dwelling values, the second highest portion in the nation, according to a Cotality report.
The latest Housing Chart Pack from Cotality, formerly CoreLogic, showed Perth’s portion of peak dwelling values to reach 74.8 per cent at the end of June.
The figure fell just below Brisbane at 78 per cent and sat well above the nation’s portion of 44.8 per cent.
Perth was among several cities, including Sydney, Adelaide and Darwin, to return to peak.
For the month of June, Perth’s property prices increased by 0.8 per cent, the highest growth since September last year.
The Cotality data showed the median home value for last month was $819,885, below the national average of $837,586.
Ranking third in Australia’s regions, 53.6 per cent of WA’s regional suburbs were at peak.
Cotality economist Kaytlin Ezzy said the data demonstrated the housing market’s widespread recovery.
“While national indices provide a macro view, suburb-level data shows how widespread this growth phase really is,” she said.
“The fact that so many suburbs are either at or just shy of their peak shows not only the diverse recovery in markets like Sydney and Melbourne, but also the continued resilience of recent hotspots including Brisbane, Perth and regional Australia.”
Ms Ezzy noted localised economic conditions, housing supply levels and migration trends drove differences between markets.
Source: Cotality
The Real Estate Institute of Western Australia ranked Bateman as the top performing suburb for growth in Perth’s median house sale prices for FY25.
The southern suburb’s median house sales reached $1.3 million, rising by 36.8 per cent in the last financial year.
West Leederville and Ardross followed suit at 34 per cent and 33.8 per cent respectively.
Perth’s median house sale prices increased 16.4 per cent to $786,000, but units rose higher.
The median sale price growth for units was 20 per cent, reaching $540,000.
REIWA president Suzanne Brown said figures showed stronger demand for suburbs in the upgrader market.
“Last financial year, seven of the 10 top performers for house price growth had median prices below the Perth median, highlighting the strong demand for affordable houses,” she said.
“This year, only two were below the median.
“Many of the top performing suburbs were in the upgrader market.”
