Wanneroo suburbs feature in Perth property market update

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Among the City of Wanneroo suburbs to feature in REIWA's June update was Jindalee which made the top five for median house sale prices while Yanchep recorded the fastest median leasing time. File picture: Yanchep News Online

JINDALEE was one of the suburbs to record the biggest increase in median house sale price during June up 2.4 per cent to $640,000, according to REIWA.

The City of Wanneroo suburb was behind Edgewater (up 3.3 per cent to $620,000), Riverton (up 3.3 per cent to $736,500), Kalamunda (up 2.8 per cent to $735,000) but in front of Padbury (up 2.3 per cent to $655,000).
Other suburbs to perform well were Alkimos, Mullaloo, Seville Grove, Shenton Park and Dawesville.
REIWA president Damian Collins said Perth’s median house sale price was still the most affordable median of any capital city in the country.

“While increases to the cash rate will have some impact on affordability, Western Australians are very well positioned to manage these costs,” he said.

Yanchep with eight days recorded the fastest median leasing time in June – the median leasing time was 16 days, which was the same as May and four days faster than June 2021.

The next fastest median leasing times were Atwell (nine days), Yokine (10 days), Perth (11 days) and Queens Park (11 days).

Other suburbs to experience fast median leasing times were Alkimos, Balga, Duncraig, Seville Grove and Tapping.

Perth’s median rent price held at $470 per week during June.

Mr Collins said while the median rent price had risen over the last year, WA was not seeing month-on-month unsustainable growth rates.

The median time to sell a house was 16 days during June, which was two days slower than May and three days faster than June 2021.

“While the median selling time was a couple of days slower than May, the June figure is still much lower than the 30 to 40 days we would typically see in a balanced market.’’

reiwa.com data shows the fastest-selling suburbs in June were Orelia (three days), Parmelia (four days), Meadow Springs (six days), Kingsley (six days) and Medina (six days).

Other suburbs to record fast median selling times were Merriwa, Waikiki, Wanneroo, Safety Bay and Kinross.

Mr Collins said the Perth property market had experienced solid price growth in the first six months of 2022.

“Our members have reported strong market conditions throughout Perth and across all price points over the last 12 months, and that has particularly been the case for the first half of 2022.

“At the midway point of the year, REIWA’s 2022 calendar year forecast of 10 per cent price growth is tracking well.

“As we move through the winter months, it is likely some heat will come out of the market, however, not enough to impact Perth’s overall growth trajectory.”