The Perth suburbs home to the state’s most expensive luxury homes
Cottesloe has topped the list of WA’s most expensive suburbs for the third year in a row, according to a new publication from one of the largest property groups in the country.
Third issue of Ray White Group Australia Luxurious Appearance the publication highlighted the 10 most expensive areas to buy a luxury home by state; Cottesloe currently tops the list with a median house price of $3.899 million.
According to the latest data, the Cottesloe price tag represents a price increase of 13.78 per cent over the past year.
City Beach comes in second with a median house price of $3.761 million, followed by the Nedlands-Dalkeith-Crawley area with a median house price of $3.404 million.
Mosman Park-Peppermint Grove is in fourth place, followed by Swanbourne-Mount Claremont in fifth.
In the introduction to this year’s issue of the publication, Ray White Group managing director Dan White said Australia’s premium market landscape had changed significantly.
“For much of the past two decades, Australia’s premium market has been a tale of two cities, with Sydney providing the benchmark and Melbourne following suit,” he said.
“The rest of the country has been on the fringes of this conversation, but our data now shows that the conversation is changing.
“Perth experiences double-digit luxury price increases for the third year in a row.”
“Brisbane and Perth are now within $100,000 of Melbourne’s luxury threshold, a difference that was once measured in the hundreds of thousands.”
The real estate company measures luxury based on the 95th percentile of property prices, the point at which only 5 percent of homes in a given market are priced higher.
Ray White Group economist Atom Go Tian said City Beach has always been one of Perth’s most admired addresses with its ocean views and quiet streets.
“It now has the momentum to compete nationally: 18 percent growth in 12 months, fueled by a strong state economy, steady population influx and a prestigious market where stocks are not keeping pace with demand.”
Go Tian said the increase seen in City Beach was not unique to the seaside suburb.
“Claremont increased 17 percent to $2.78 million, while Mosman Park-Peppermint Grove increased 16.9 percent to $3.03 million,” he said.
“Perth is showing double-digit growth in luxury for the third year in a row, a run long enough to no longer need to be explained away as a post-pandemic impact or a by-product of the commodity boom.
“That’s where Perth luxury is now. The practical consequence of this is that the once huge gap between Perth and Sydney luxury prices is narrowing.
“Buyers who assume Perth represents value relative to the east coast are still competing for that.”
