The Perth suburbs that haven't heard there's a housing price slump
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The Perth suburbs that haven't heard there's a housing price slump

Perth property prices might be struggling but there are some suburbs bucking the trend.

REIWA's revealed its top 10 high price growth suburbs for 2018 on Wednesday with the suburb of Brabham, near Whiteman Park, growing 31.8 per cent in a single year.

REIWA has revealed Perth's highest growth suburbs.

REIWA has revealed Perth's highest growth suburbs.Credit:Heather McNeill

This is in stark contrast to the overall Perth median house price decrease of 1.9 per cent.

The median house price in Brabham is now $402,000.

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Other strong performers were Madora Bay, south of Perth, where the median house price hit $560,000 - a 28.7 per cent jump.

Affluent suburbs like Mount Pleasant, Claremont and West Leederville also experienced huge growth, with Mount Pleasant growing 25.9 per cent to $1.246 million.

Claremont hit $1.512 million, growth of 23.5 per cent.

REIWA President Damian Collins said while sales volumes in the lower-priced end of the Perth market remained soft, activity in the $800,000 plus price range strengthened.

"[This] has created increased demand among buyers and contributed to the improvement in median house price that we’ve seen in suburbs like Mount Pleasant, Claremont, West Leederville, Kensington, South Perth, Alfred Cove and Shelley,” he said.

REIWA analysis also found all seven suburbs with a median house price above $800,000 had faster average selling times than the overall Perth market.

“It took an average of 69 days to sell a house in Perth during 2018, whereas in suburbs like Kensington [it took an average of] 41 days, Claremont 49 days and West Leederville 49 days," he said.

"Sellers are securing buyers for their properties a lot faster,” he said.

A recent analysis of the Australian property market by Moody's and CoreLogic found despite commodity prices stabilising, house values in Perth would likely decline 2.8 per cent in 2019, followed by a recovery in 2020 thanks to population growth.

According to the ABS new dwelling approvals in WA fell 4.5 per cent in November 2018.

Hamish Hastie is WAtoday's business reporter.

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