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House prices rising faster in ...

House prices rising faster in Perth suburbs than city centre

Properties located in several of Perth's suburbs are increasing in price at a much faster rate than those situated in the centre of the city, according to new data.

Analysis of the local housing market from CoreLogic shows that the value of homes in some Perth neighbourhoods has risen by almost 50 per cent over the past five years. At the same time, however, growth in property prices in the city centre has stagnated.

Overall, the suburb of Bedfordale has experienced the biggest rise in property prices, with these climbing by a huge 49.7 per cent since 2012 to reach their current median asking price of $797,621.

Similarly impressive growth has been recorded in Dayton, where house prices have increased by 43 per cent to reach an average value of $393,374, while those in North Coogee have risen by 41.5 per cent over the past five years.

Meanwhile, Brabham has seen its average property values increase by 34.1 per cent since 2012, with the current median asking price of homes in this Perth neighbourhood standing at $395,674.

Over in nearby Jarrahdale, property prices have risen by 31.9 per cent in the last five years, while those in Oakford have climbed by a healthy 30.5 per cent.

However, the closer the suburb to Perth's city centre, the less impressive the growth in asking price, as shown by the fact that those in the City of Stirling stand at $383,712 at present, while nearby Nollamara's average values come in at $404,537. This means they are not too different to those in the suburbs.

This therefore indicates that investors wanting to capitalise on these price increases should be considering properties on the outskirts of the city instead.

Overall, Peppermint Grove was named as the most expensive of Perth's suburbs, with its average property values currently standing at $3.8 million. Dalkeith came in second with median asking prices of $2.6 million.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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