Perth Luxury market surges
Quick Run Through
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Perth’s Million-Dollar Property Market Hits New Heights
Perth’s property market has reached a new milestone, with a record 30 suburbs joining the city’s million-dollar club in 2023-24. This remarkable expansion brings the total number of suburbs with a median house sale price over $1 million to 87. This surge underscores Perth’s robust price growth and the increasing appeal of its real estate.
Record-Breaking Growth Across Suburbs
The median house price in Perth has soared by 18.8% over the past year, reflecting the city’s thriving property market. Karawara stands out with an exceptional 43.5% increase in median house prices, making it the fastest-growing suburb in the million-dollar club. The rise in Karawara’s property values is attributed to its desirable location near the Canning River, Curtin University, and recent upgrades to Waterford Plaza. Renovations and revitalisation efforts have further enhanced the suburb’s appeal, driving up property prices.
Top-Tier Suburbs Remain Premium
Despite the widespread growth, some suburbs continue to lead the pack in terms of property values. Peppermint Grove remains Perth’s priciest suburb, with a median house price of $3.7 million. Following closely are Cottesloe and Dalkeith, both with median prices of $3.5 million. These suburbs are highly sought after due to their premium locations and exclusive lifestyle offerings.
Luxury Market Breaks Records
The luxury property market in Perth has also set new records. The most expensive sale of the year was a stunning home at 3 Owston Street, Mosman Park, which fetched an impressive $22 million. This sale highlights the growing demand for high-end properties and reinforces Perth’s status as a significant player in the luxury real estate market.
Investment Opportunities
For investors, Perth’s property market offers exciting opportunities. The record growth and expanding number of million-dollar suburbs suggest a thriving market with strong future potential. The substantial increase in median house prices across numerous suburbs indicates a high level of investor confidence and ongoing demand for premium properties.
At ASK Financials, we understand the dynamics of Perth’s evolving property market. Whether you’re looking to invest in high-growth suburbs or explore luxury property opportunities, our expert team is here to guide you through every step. Contact us today for tailored financial advice and to make the most of these promising investment prospects.
Call us at: 0433 944 055
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