FIVE Swan suburbs are among those to have achieved new milestones in the Perth property and rental markets.
According to REIWA Middle Swan and Bullsbrook made the top 10 suburbs for median price growth (houses).
In second place Middle Swan’s median increased 21.6 per cent to $413,500 while third-placed Bullsbrook saw its median increase 20.1 per cent to $462,500.
First-placed Winthrop recorded the most price growth for houses, with its median increasing 25.3 per cent to $1.25 million.
The Perth house market performed better than the unit market, with the median house price rising 4.6 per cent to a new high of $555,000 over the financial year.
The median unit price fell 3.2 per cent to $399,000.
Midland made the top 10 suburbs for rental yield (units) with a median unit sale price of $285,000 and a weekly rent price of $400 leading to a yield of 7.3 per cent.
Bayswater was the stand-out performer for yield with a median unit sale price of $243,500 and a median weekly rent price of $450 leading to a yield of 9.6 per cent.
Caversham nabbed 10th spot on the top 10 for most rent price growth for houses.
Its 2022-23 financial year median rose 24 per cent to $595.
Ellenbrook took the third spot in most rent price growth for units with its financial year median rising 23.5 per cent to $420.
Again in third spot Ellenbrook made the top 10 list for the fastest leasing suburbs for units with a median of 11 leasing days across the financial year.
REIWA chief executive officer Cath Hart said resilience was the key theme for the WA property market in 2022-23, with Perth emerging as the only capital city to record moderate price growth over the financial year despite constant interest rate rises.
“This is due to our strong economy, low unemployment rate, lower than average mortgages and higher than average wages,’’ she said.
“While the rate rises have certainly impacted household spending, many people have been able to adjust to the increase in their repayments.
“Currently, we’re not seeing an increase in mortgagee sales advertised on www.reiwa.com and we’re advised banks are working with their customers to help prevent them experiencing hardship.”