VIVEASH recorded the highest price growth for houses during 2023-24 in the Perth property market, with its median house sale price increasing 40.9 per cent to $620,000, according to REIWA.

Placed fourth on the top 10 suburbs list for median price growth Midvale’s median house sale price increased 38.3 per cent to $515,000.

Ranked eighth Henley Brook’s median house sale price increased 35.2 per cent to $735,000.

In ninth place Lockridge’s median house sale price increased 35 per cent to $513,000.REIWA chief executive officer Cath Hart said the median house sale price set a new record month after month over the financial year and was $665,000 for the year to June 2024.

“This is 18.8 per cent higher than at the end of the 2022-23 financial year,’’ she said.

“Affordability remains a focus for buyers and this is reflected in the make-up of the top 10 suburbs for house price growth.

“The majority have a median sale price below Perth’s median and only two have a median house sale price over $1 million.

“It indicates strong demand for suburbs in more affordable price brackets.

“Demand is also reflected in their selling times.’’

The annual median selling days for Viveash was seven days, Midvale and Lockridge eight days and Henley Brook nine days.
“The more affordable suburbs on the list have a median time on market that is nearly half that of the suburbs with a median over $1m.”

Ms Hart said the median unit sale price increased 11.3 per cent year-on-year to reach $445,000, just $5000 below the previous record of $450,000 in 2014.

“We expect this record to be broken in the next few months.”

In the fastest selling suburbs for units Ellenbrook with an annual unit sale price rising 21.6 per cent to $377,000 were selling in a median of eight days.

In the top 10 suburbs for rental yields for units Midland (in ninth place) achieved annual median rent of $500, annual median unit sale price of $350,000 with rental yield of 7.4 per cent.

Midland units with an annual change in rent of 25 per cent were also in the top 10 suburbs for rent price growth with an annual median rent of $500 and annual median of leasing days 16.