More than 60 Perth suburbs record price growth during May
The Perth property market continued its upwards trajectory in May, with reiwa.com data revealing 64 suburbs recorded median house sale price growth during the month.
In addition, CoreLogic data showed the Perth home value index increased 0.6 per cent during the month. This brings the total growth rate for 2022 to 3.6 per cent, putting the market on track to achieve 10 per cent growth by the end of the calendar year.
At a suburb level, North Perth was the top performer for price growth during May, with its median house sale price increasing 4.5 per cent to $1.1 million. It also recorded a 22 per cent increase in sales during the month and its median selling time was a very quick eight days.
Wembley Downs was the second best-performing suburb, with its median house sale price increasing 2.7 per cent to $1.31 million during May. It also saw sales activity increase 11 per cent during the month and its median selling time sat at just 10 days.
Close behind was Langford, with its median house sale price increasing 2.6 per cent to $380,000, followed by Wilson with a median increase of 2.5 per cent to $610,000. Both suburbs recorded an 11 per cent increase in sales during the month.
Bedford (up 2.3 per cent to $750,000), Meadow Springs (up 2.2 per cent to $445,000), Yanchep (up 2.2 per cent to $460,000), Brabham (up 2.2 per cent to $475,000), Kardinya (up two per cent to $740,000) and Attadale (up two per cent to $1.48 million) also performed well.
Properties continue to sell very quickly across the metropolitan area, with the median time to sell sitting at 13 days for the second month in a row.
Cooloongup recorded the fastest median selling time during May at six days. This was followed by Bedford, Heathridge, Melville, Waikiki and Woodvale, which all reported median selling times of seven days during the month.
reiwa.com data also shows that 41 suburbs across the Perth metropolitan area saw an increase in sales volumes during the month, with Balga, Nedlands, Woodvale, Piara Waters, Willetton, Spearwood, Golden Bay, Parmelia, Kardinya and Heathridge recording the biggest percentage increase in transactions.
With another solid month of growth recorded, there are encouraging signs that the recent interest rate rise has not dampened demand for property in Perth.
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