20 Perth Suburbs Grow By 10% Or More This Year

As an indication of just how hot the property market is right now across Australia’s capitals; 20 Perth suburbs have recorded a median house sale price growth of 10% or more in 2021.

According to Real Estate Institute of Western Australia (REIWA) President Damian Collins, those figures have met or surpassed forecasting for 15% price growth in Perth by the end of the 2021 calendar year.

“A total of 20 suburbs have seen their median house sale price increase by 10 per cent or more since the start of the year.

“Bicton has experienced the strongest price growth in the first four months of the year, with its median house price increasing 20 per cent to $1.14 million between 31 December 2020 and 30 April 2021. This was followed by North Beach (up 17 per cent to $1.05 million), Sorrento (up 16 per cent to $1.118 million), and Applecross (up 15 per cent to $1.79 million),” Mr Collins said.

The data, courtesy of reiwa.com, reveals that growth suburbs come from both sides of the curve with nine suburbs beneath Perth median house sale price of $508,000 and 11 above – eight of those in the $1 million-plus price range.

“The recovery of the market is widespread across Greater Perth. Six to eight months ago it was mainly the higher end of the market showing strong growth, but now we are seeing movement across the board,” Mr Collins said.

See the full list of suburbs below:

SUBURB	MEDIAN HOUSE SALE PRICE DEC 2020	MEDIAN HOUSE SALE PRICE APR 2021	PERCENTAGE CHANGE
1. Bicton	$950,000	$1.14 million	20%
2. North Beach	$900,000	$1.05 million	17%
3. Sorrento	$960,000	$1.118 million	16%
4. Applecross	$1.56 million	$1.79 million	15%
5. Claremont	$1.503 million	$1.7 million	13%
6. Medina	$230,000	$260,000	13%
7. Maddington	$283,500	$320,000	13%
8. Palmyra	$635,000	$715,000	13%
9. Coodanup	$292,550	$329,000	12%
10. Attadale	$1.165 million	$1.3 million	12%
11. Parmelia	$247,000	$275,000	11%
12. City Beach	$1.8 million	$2 million	11%
13. Wembley Downs	$975,000	$1.08 million	11%
14. Como	$850,000	$940,000	11%
15. Darlington	$620,000	$685,000	10%
16. Orelia	$240,000	$265,000	10%
17. Redcliffe	$399,000	$440,000	10%
18. Bertram	$335,000	$369,000	10%
19. Brookdale	$252,000	$277,500	10%
20. Girrawheen	$300,000	$330,000	10%

The typically busy spring season for the housing market was a dud, and the summer isn’t looking much brighter.

Housing services companies like Zillow Group and Rocket RKT +3.78% were loud and clear last week on earnings calls: Rocket CEO Varun Krishna called the quarter through June “one of the toughest spring housing markets in years.”

Jeremy Hofmann, Zillow’s chief financial officer, said on a conference call that the company predicted earlier this year that the market for mortgages would be flat. “We actually now think it’s going to be down low-to-mid-single digits,” he said.

The rest of 2026 will remain challenging for mortgage origination volume, says KBW analyst Bose George. The question now is what happens in 2027. “If mortgage rates remain [around] 6.75%, I think that’s going to be challenging even for next year,” he says.

But what’s bad news for mortgage companies could be a positive for bargain hunters. Buyers can expect prices to grow more slowly—or mildly decline—with less competition as long as mortgage rates remain unpredictable.

Mortgage rates at the beginning of the year were solidly below year-ago levels, notes Zillow senior economist Kara Ng. But they surpassed last year’s levels recently, she adds, referencing Freddie Mac’s weekly survey of 30-year fixed mortgage rates. Last week’s reading, at 6.69%, was higher than year-ago levels for the first time in 2026.

“From the affordability point of view, it’s going to get more challenging in the second half of the year,” she says. “And when affordability gets more challenging, that impacts sales and home price appreciation.”

Mortgage application data tracked by the Mortgage Bankers Association has cooled since the beginning of the year. The trade group expects that the number of mortgage originations in the remaining two quarters will lag behind last year’s levels, after exceeding 2025 levels in the first half.

Rocket’s early-stage data—which the company told Barron’s it derives from its brokerage Redfin, demand for its mortgage products, and signs in its servicing portfolio that a homeowner is preparing to refinance or move—“leads us to expect the third quarter mortgage market to be smaller than the second,” Chief Financial Officer Brian Brown, said on the company’s call. He added that such an occurrence is “something the industry has not seen since 2022.”

Prices will be about flat nationally, Ng says. Zillow’s most recent forecast, which shows how values are expected to change in the year ending June 2027, show them dropping in roughly half of the 100 largest U.S. metros for which data is available.

Buyers aren’t rushing in at a time when mortgage costs are rising and unpredictable. But those with the right combination of patience and cash could stand to benefit. “If you are financially qualified to buy a starter home, you are facing less competition and you’re more likely to get a price cut,” Ng says.

20 Perth Suburbs Grow By 10% Or More This Year

The western capital’s property market is on its way to recovery.