Bicton, Applecross, Attadale Lead The Charge With Property Price Growth In Perth
The premium riverfront suburbs of Bicton, Applecross and Attadale have concreted their position as Perth’s most prized property patches.
New data released by the Real Estate Institute of WA shows the three suburbs were among the city’s top 10 locales for highest price growth between December 2020 and April 2021.
Bicton blitzed every Perth suburb in the price growth stakes, snaring top billing with a 20% increase in the median sales price from $950,000 to $1.14 million.
Applecross recorded 15% growth in the same period with the median sales price jumping from $1.56 million to $1.79 million to secure fourth spot in the exclusive list, while Attadale took out tenth position with 12% growth and a price rise from $1.165 million to $1.3 million.
Mont Managing Director Matthew Podesta said the statistics were clear evidence of the pulling power of premium properties across the southern riverside belt.
“It is widely believed that Perth’s western suburbs are the go-to place for blue chip properties, but this data proves that our patch of paradise on the Swan River is no ‘poor cousin’ when it comes to property growth,” Mr Podesta said.
“It’s no surprise that these suburbs are among Perth’s highest growth areas and we know first-hand as Mont has been at the forefront negotiating some of these impressive sales.
“In recent months, we have noticed an appetite for premium, tightly-held properties. We’ve seen an influx of properties priced in excess of $3 million selling in very quick timeframes. This shows consistent demand and an extremely competitive sales environment.”
In early May, the 1074sqm property and 1958-built house at 23 Stoneham Road, Attadale was sold by Mont at auction for $4.81 million, exceeding expectations by almost $1 million. It was the first time the property had been offered for sale in 57 years.
Last week, Mont sold 36 Gairloch Street, Applecross for $3 million before it even hit the market. And in March 82 Ullapool Road, Mount Pleasant fetched $3.2 million.
Mr Podesta said more and more buyers were realising the attractions of the area and were choosing to invest in the neighbourhood.
“At Mont, we make it our business to be experts in our area and to know local people and our clientele. Our significant market share at the premium end of the market makes us the go-to real estate agency in the area.” he said.
“This market is one of the hottest we have seen in recent years. There is an insatiable appetite to get in and get in quick. People are realising that if they wait, it may be too late.”
REIWA had forecast 15% price growth in Perth by the end of 2021, but 20 suburbs have already reached 10% and are on track to exceed that figure before the end of the year.
“For these suburbs to be only a third of the way through the year and already achieving price growth of this magnitude is quite impressive,” REIWA President Damian Collins said.
Top 10 Perth suburbs for price growth – December 2020 to April 2021
- Bicton – 20% to $1.14m
- North Beach – 17% to $1.05m
- Sorrento – 16% to $1.118m
- Applecross – 15% to $1.79m
- Claremont – 13% to $1.7m
- Medina – 13% to $260,000
- Maddington – 13% to $320,000
- Palmyra – 13% to $715,000
- Coodanup – 12% to $329,000
- Attadale – 12% to $1.3m
Source: Real Estate Institute of WA