Perth leads the nation in house price growth – so what can you buy with $750,000?

Demand-side factors also had an impact, particularly with Western Australia having well above average interstate migration rates.

The biggest annual increase in sales compared to the historical five-year average was in Perth, where 29 per cent more homes sold last year than average.

Herron Todd White director Chris Hinchliffe said what $750,000 could buy in WA’s current property market had changed significantly from a year ago.

“As the real estate landscape continues to dynamically evolve, it’s critical that buyers stay informed,” he said.

“What $750,000 might have bought you 12 months ago might look completely different today.”

The established inner northern suburb of Dianella was developed in the 1960s and has an average house price of about $735,000.

This hotel 471 Grand Promenade The 807-square-metre house, built around 1963, has three bedrooms and one bathroom and retains its original features. It sold in March for $730,000.

Mr Hinchliffe said valuers were reporting a clear upward trend in the coastal suburb of Alkimos, with just five sales in the $750,000 range between January and May last year.

He said Gosnells has also received a lot of attention recently as investors gradually realize its potential.

“Gosnells’ median house price has increased 24 per cent to $465,000 over the past 12 months and had the highest number of sales over the year at 606, the highest of any surrounding area,” he said.

“In contrast, Kelmscott’s median house price surged 30.4 per cent to $484,000 on 354 sales, while Huntingdale’s median house price rose 12.1 per cent to $560,000 on 129 sales.

“Maddington prices increased 19.4 per cent to $478,000 from 306 sales, while Thornlie prices increased 18 per cent to $566,000 from 412 sales.”

Ray White Group head of research Nerida Conisbee said Western Australia house prices had surpassed the national average, with Perth now the fifth most expensive market in Australia.

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“Looking ahead, recent inflation data has reignited discussions about potential interest rate hikes, which could impact property listings,” she said.

“The ongoing imbalance between housing supply and demand continues to drive price increases, while affordability concerns are growing amid ongoing inflationary pressures.”

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