Save You have reached your maximum number of saved items. Remove items from your saved list to add more. AAA Cottesloe has topped the list of WA’s most expensive suburbs for the third year in a row, according to a new publication by one of the largest real estate groups in the nation. The third
Cottesloe has topped the list of WA’s most expensive suburbs for the third year in a row, according to a new publication by one of the largest real estate groups in the nation.
The third issue of Ray White Group Australia’s Luxury Outlook publication has highlighted the 10 most expensive areas to purchase a luxury house by state, with Cottesloe now sitting at the top of the list with a median house price of $3.899 million.
According to the latest data, the Cottesloe price tag represents a 13.78 per cent price hike over the course of the past year.
City Beach comes in at second place with a median house price of $3.761 million, followed by the Nedlands-Dalkeith-Crawley area with a median price of $3.404 million.
Mosman Park-Peppermint Grove comes in fourth place followed by Swanbourne-Mount Claremont in fifth.
In the introduction to this year’s edition of the publication, Ray White Group managing director Dan White said Australia’s premium market landscape has changed significantly.
“For much of the past two decades, Australia’s premium market was a tale of two cities, where Sydney set the benchmark and Melbourne followed,” he said.
“The rest of the country existed at the margins of that conversation, but what our data now shows is that the conversation has changes.
“Perth is in its third consecutive year of double-digit luxury price growth.”
“Brisbane and Perth now sit within $100,000 of Melbourne’s luxury threshold, a gap that was once measured in hundreds of thousands.”
The real estate company measures luxury through the 95th percentile of property prices, the point at which only 5 per cent of homes in a given market trade higher.
Ray White Group economist Atom Go Tian said City Beach has always been one of Perth’s most coveted addresses with its ocean views and quiet streets.
“Now it has the momentum to compete on a national level: 18 per cent growth in 12 months, backed by a strong state economy, sustained population inflows and a prestige market where stock has simply not kept pace with demand.”
Go Tian said the spike seen in City Beach was not isolated to the seaside suburb.
“Claremont is up 17 per cent to $2.78 million, while Mosman Park-Peppermint Grove grew 16.9 per cent to $3.03 million,” he said.
“Perth is in its third consecutive year of double-digit growth in the luxury space, a run long enough that it no longer needs explaining as a post-pandemic effect or a commodity boom by-product.
“It’s simply where Perth luxury is now. The practical consequence is that the gap between Perth and Sydney luxury prices, which was once vast, is narrowing.
“Buyers who assumed Perth represented value relative to the eastern seaboard are still competing for it.”
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