Perth’s blue-ribbon western suburbs have retained the mantle as the city’s most expensive property belt, with eight of the top 10 suburbs in the elite catchment.
The riverfront suburb of Dalkeith took out the most pricey Perth locale in the year to July 31, with a median sale price of $2.25 million, closely followed by iconic Cottesloe with $2 million, and oceanfront City Beach with $1.7 million, according to realestate.com.au data.
Other western suburbs to maintain a foothold in the revered list of most expensive properties include Nedlands, Swanbourne, Claremont, Floreat and Mosman Park.
Applecross and Mount Pleasant rallied to represent the southern riverfront suburbs, with median sales prices of $1.55 million and $1.41 million, respectively.
219 The Esplanade, Mount Pleasant is looking for a new resident. Picture: realestate.com.au
Selling agent Jody Fewster, from Ray White Cottesloe-Mosman Park, says the list was no surprise, given all of the suburbs are waterfront locations and many are in close proximity to sought-after private schools, but she expected Peppermint Grove to have made the cut.
“Dalkeith has more waterfront properties with its broad geographical stretch, which makes it a serious contender, particularly with a number of recent sales on Jutland Parade,” Fewster says.
“Mosman Park also has a broad riverfront geography and is home to the most expensive sale in Western Australia in Saunders Street.
“However, I am surprised that Peppermint Grove has not found its way onto this list as it has consistently ranked as Perth’s most expensive suburb. Saying that, Peppermint Grove is a small pocket of 500 houses so there are very limited sales.”
Peppermint Grove is Perth’s most exclusive enclave. Picture: Getty
REA Chief Economist Nerida Conisbee says the Perth market has shown positive signs of improvement, particularly across premium suburbs including those in the western suburbs.
“We have been seeing some really strong growth in Perth’s premium suburbs for some time,” Conisbee says
“With a market recovery, what we generally find is that this process starts with lifts across premium suburbs. This has been happening in Perth, which is a really encouraging sign.”
A recent CoreLogic report looking into million dollar sales found that while sales of properties of at least $1 million had taken a dive nationally, Western Australia had fared significantly better at the top end of the market.
CoreLogic senior research analysist Cameron Kusher says the Perth housing market has seen a substantial decline in values since mid-2014, but the share of million dollar sales has not fallen significantly.
“Over the 2018-19 financial year, 10% of all house sales and 4.1% of all unit sales (in Perth) were at least $1 million. The 10% of house sales was down from 10.6% a year earlier, and the 4.1% of unit sales was up from 3.9% a year earlier,” the report says.
Across Australia, the CoreLogic report shows that million dollar property sales dipped, with 12.5% of house and 8% of unit sales transacting for at least $1 million in the 2018-2019 financial year. The data is down from 14.7% the previous year and well down from its peak of 15% in March 2018.
Cottesloe has drawn a blue-chip buyer for years. Picture: realestate.com.au
“Over recent months we have started to see some stabilising of housing market conditions,” Kusher says. “The data also shows that the largest improvement is occurring across the most expensive properties.
“Assuming this continues over the remainder of the current financial year, the share of million dollar sales, particularly in Sydney and Melbourne, may increase over the coming year.”
Perth’s most expensive suburbs based on median sales prices and change in median sales prices comparing July 31, 2018 and July 31, 2019.
1. Dalkeith $2.25 million – 15.09% decline
2. Cottesloe $2 million – 4.79% decline
3. City Beach $1.7 million – 7.36% decline
4. Nedlands $1.63 million – 0.46% increase
5. Swanbourne $1.577 million – 8.91% increase
6. Applecross $1.55 million – 11.3% decline
7. Claremont $1.52 million – 4.47% increase
8. Mount Pleasant $1.41 million – 3.87% increase
9. Floreat $1.26 million – 6.49% decline
10. Mosman Park $1.252 million – 3.65% decline