Where Are We Expecting To See The Most Growth In WA Prices?

Property values typically radiate out from the CBD, with the most expensive being close to the CBD. In Perth, it’s easy to see the value clusters on the coast, parallel with the CBD but not in the CBD.

The below map courtesy of CoreLogic shows how heavily the value rests on the coast in WA, in the Western Suburbs having median prices circa $2m or more.

What does that mean for the majority of punters who don’t live in the Golden Triangle and what insights can we take away from this? Given the massive price growth in WA recently has been focused on affordable suburbs, and on the back of the swift and consecutive rate rises since mid 2022 the price has been centred in suburbs below $600k, we can look at the above map and infer some likely outcomes of where the next round of price growth will be centred.

We can see suburbs to the west of Perth have median prices pushing $2m, to the south of Perth the median prices are around $1m, whereas the suburbs to the east and north east seem to all have medians closer to $750k or less. The corridor from Cannington, up past Kewdale, through Bassendean and up to Beechboro are all in this affordable price band $600-800k, close to Perth and well within the metro area but are inordinately cheap still.

This is where the we’re going to see outsized growth and the flight to affordability will continue. Throw a dart at the map in WA and there will likely be price growth, but there is a rhyme and reason to the largest growth we have seen and we’re going to continue to see.

As people can no longer buy properties under $600k in the “cheaper” suburbs of Perth because they level up to the same price as better suburbs, we’ll see the focus move from the cheaper end of town in the Cities of Armadale and Gosnells up into the Cities of Cannington, Belmont, Bassendean and Bayswater.