Tuesday, March 4, 2008

22 Perth suburbs $1m average price for home

PERTH is fast becoming the million-dollar city, with 22 suburbs reaching a median house price of $1 million or more, according to Landgate.

Most of the million-dollar suburbs are by the river or ocean and in the western suburbs. Jones Ballard Property Group director Shaun Yeo said lifestyle continued to drive the upper end of the Perth housing market.

"The growing demand for riverside suburbs by property buyers is underlined by the fact that the latest figures from Landgate for the past calendar year show the median house price in South Perth surged by just over 25 per cent,'' he said.

"This is during a period when the overall median Perth house price rose by 15 per cent.''
Agents say rising interest rates are having little impact on prices in riverside suburbs.

"Generally, the property buyers in these suburbs are in very well-paid employment or own businesses,'' Mr Yeo said.

Real Estate Institute of WA president Rob Druitt said he was not surprised by the high number of suburbs with a median of $1 million, considering Perth's growth in capital value in recent years.

"Perth is maturing and the economy is strong,'' he said. ``The top end of the market is strong and I expect that to continue.''

Brendon Ptolomey, Perth director of valuation firm Herron Todd White, said buyers continued to show preference for coastal locations such as Cottesloe, South Fremantle, Trigg, Sorrento and Hillarys.

Often when you look at the pictures of some houses selling for $1m or more, you start to wonder what happened to Perth.
And there is REIWA ramping up the housing boom as always... thanks REIWA, I'll remember you when I am living in a box under the Narrows Bridge.

The problem with the boom is that if you are not riding it, you are going to get drowned by it. As existing Gen X and Gen Y homebuyers in Perth struggle to put the money together, the increased interest in Perth overseas and over east is making the prospect of finding a house harder. Maybe I should just focus on growing what little I have for now and leave hunting for later..

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