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House prices in three Perth suburbs have doubled in the past five years, according to the Domain House Price Report released on Thursday.
In the Rockingham City, Cooloongup had the biggest increase in median house prices, up 114 per cent in five years to $542,000.
this Annean Street 3 bedroom 1 bathroom duplex In March this year the house sold for $507,500, more than double its 2018 price of $249,000. But in a sign of WA’s boom-and-bust property cycles, the same house sold for $280,000 in 2006.
Rounding out the top 10 areas with the biggest increases were Parmelia (up 109 per cent to $501,000) and Armadale (up 100 per cent to $450,000).
While most of the suburbs with big price increases were in Perth’s relatively affordable outer suburbs, the hills suburbs of Darlington (up 92 per cent to $1.05 million) and the coastal suburb of Kallaroo (up 89 per cent to $1.17 million) recorded impressive price growth.
So-called “bridesmaid suburbs” – lesser-known suburbs that are adjacent to, but overshadowed by, well-known suburbs – are also performing well as buyers are unable to afford the most desirable areas.
House prices in Mullaloo have risen 67 per cent to $1.12 million, making it $300,000 cheaper than Sorrento, where the median house price is $1.44 million.
Perth house prices rose by $52,000, or 6.6 per cent, in the June quarter House prices have hit a record high of $852,240, according to Domain data. That’s an 815 per cent increase since 1990, when a house cost $96,000.
InSynergy Advisory head of property research Kevin Hoang said Perth’s residential property market was moving so fast that almost all sales were No price guide in the adresulting in a selling price tens of thousands of dollars above the reserve price.
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