The Perth regions that have had double-digit house price growth in 2022

Nearly 30 suburbs have had double-digit property price growth this year despite four rate rises, with Mt Hawthorn topping the list with an astonishing 16.3 per cent rise.

New data from the Real Estate Institute of WA shows an additional 105 suburbs have had price growth of more than 5 per cent — which is above the 4.2 per cent average growth across Perth since January 1.

It is also more than the 30-year average increase, with separate research by Corelogic showing Perth’s house prices have increased 4.8 per cent per annum over the period.

The inner north experienced the strongest price growth, with Mt Hawthorn’s median house prices now sitting at $1.265 million.

North Perth was next with 15.8 per cent growth in the 2022 calendar year, taking median house prices to $1.15 million.

It was followed by Warwick (14.8 per cent), Carine (14.3 per cent) and Iluka (14.1 per cent).

REIWA president Damian Collins said it the rises were was substantial and impressive.

“It will be interesting to observe how they perform for the remainder of the year and whether they can sustain the momentum of this growth trajectory,” he said.

Mr Collins said REIWA agents continued to report solid market conditions, despite the successive RBA rate rises.

He expected the rate increases would eventually affect the market.

“While interest rate rises will naturally have some impact on our local market, West Australians are the best placed in the country to manage the costs of servicing a loan,” he said.

“Not only do we have the most affordable housing in the country and a strong economy and jobs market but we also have a housing shortage and growing population.

“While there may be some fluctuation month to month, all these factors point to Perth’s current growth cycle continuing.”

Source - PerthNow - The West Australian