Price Boom in the Outer Suburbs

WA Newspapers Economics Editor – Shane Wright

The outer suburbs of Perth have enjoyed far bigger price gains than some of the city’s more sought after property hotspots, while bargains can still be found close to the CBD. Figures from CoreLogic show parts of the Armadale, Swan and Serpentine-Jarrahdale council areas have had house values jump by close to 50% over the past five years as the rest of the city has stagnated.

The biggest increase in house values, since 2012, has been in Bedfordale, where they have climbed 49.7% to a median value of $797,621.

To the north-east, house values in Dayton have improved 43% to $393,374 while values in neighbouring Brabham have risen 34.1% to $395,674.

North Coogee (up 41.5%), Jarrahdale (31.9%) and Oakford (30.5%) all enjoyed strong gains during a time when median house values across Perth actually edged down.

Closer to the city, CoreLogic found a string of suburbs where prices remain low. Westminster, in the City of Stirling, had the lowest median house value of any suburb within 10km of the CBD this year at $383,712. Nearby Nollamara was the second cheapest part of Perth closer to the CBD, with a median value of $404,537 across 202 sales.

Glendalough had the cheapest units of any area close to the city at $289,078.

The figures also confirmed Peppermint Grove as the most expensive part of the state with a median house value of $3.8 million this year. Dalkeith was second at $2.6 million. Someone selling in Peppermint Grove would have plenty of cash to invest in Mt Magnet which had the lowest median house value of any part of the nation. At a median value of $68,605, Mt Magnet was ahead of two other WA centres, Norseman ($80,314) and Kambalda East ($90,978), as Australia’s cheapest.

The most expensive suburb in Australia is Sydney’s Darling Point where the median house price is $5.7 million.

HOT PROPERTY

Biggest gains in median value over the past 5 years – source CoreLogic

Suburb                                 Median Value                                   5yr Change

Bedfordale                         $757,621                                              49.7%

Dayton                                 $393,374                                              43.0%

North Coogee                    $981,439                                              41.5%

Burns Beach                       $817,698                                              35.6%

Brabham                              $395,674                                              34.1%

Jarrahdale                           $497,901                                              31.9%

Swanbourne                      $1,600,000                                           31.8%

Oakford                               $987,526                                              30.5%

Mundijong                          $500,406                                              25.7%

Claremont                           $1,400,000                                           24.7%

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