Did your home earn more than you during the pandemic?

29 October 2022

Homes in Attadale, Melville, Alfred Cove, Booragoon and East Fremantle earned more than their owners during the pandemic housing boom, according to new research by online property portal, realestate.com.au.

Data from the realestate.com.au interactive shows that East Fremantle was the most lucrative earner in our Swan River enclave, with an annual increase of $150,000 over the two year COVID period – representing 1.7 times the average salary or wages for the suburb.

The postcode encompassing Attadale and Melville was the second highest performer in the area, with annual price growth boosted $101,250 – 1.3 times the typical pay.

Similarly, in Booragoon and Alfred Cove, houses earned 1.3 times more than their owners, with the a $100,000 a year increase. And Bicton properties earned 1.2 times more than their owners, with an increase of $88,750 a year.

Meanwhile, houses in Applecross, Ardross and Mount Pleasant recorded gains just shy of their owners’ salaries, according to realestate.com.au, with value increases of $79,500 a year – 0.9 times the average pay rate.

The realestate.com.au analysis examines the average annual change in the median house price in each Australian postcode between the end of 2020 and 2022 financial years, and compares it to the latest available data on the average salary or wage for that location.

The list nominated WA’s most profitable suburbs as Peppermint Grove and Cottesloe, which represented an average annual increase of $471,250 between 2020 and 2022 – more than four times the average salary or wages.

It comes as realestate.com.au suggests that home prices nationally rose by 35.1% from the start of the pandemic in March 2020 to the market peak in March 2022.

Real Estate Institute of WA statistics show Perth home values rose 21.6% between the onset of the COVID-19 pandemic in March 2020 and March 2022.

Mont Property Managing Director Matthew Podesta said property in the City of Melville catchment and its surrounds had been strong performers during the pandemic and had shown great resilience in the aftermath as cities on the east coast endured a slowdown.

“We are continuing to see active and engaged buyers looking for quality homes in our area, despite the ongoing rhetoric around interest rate rises and the lack of stock on offer,” Mr Podesta said.

“This is good news for Perth buyers and the wider market, but in particular for our local area where worthy homes are fetching solid prices.”

East Fremantle (6158): 1.7x up

  • Average yearly house median price growth – $150,000
  • Average salary/wages – $86,495

Attadale/Melville (6156): 1.3x up

  • Average yearly house median price growth – $101,250
  • Average salary/wages – $78,910

Booragoon/Alfred Cove (6154): 1.3x up

  • Average yearly house median price growth – $100,000
  • Average salary/wages – $78,272

Bicton (6157): 1.2x up

  • Average yearly house median price growth – $88,750
  • Average salary/wages – $76,411

Applecross/Ardross/Mount Pleasant (6153): 0.9x up

  • Average yearly house median price growth – $79,500
  • Average salary/wages – $85,974

Source: realestate.com.au/PropTrack

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