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House prices in some of Perth’s most expensive suburbs have recorded sharp falls, with drops of more than $200,000 in some premium pockets over the past year.
Subiaco, North Coogee, Woodlands and Bicton recorded some of the largest median price falls last year, Domain’s House Price Report for the December quarter shows.
After a rapid rise into the million-dollar club, the popular coastal suburb of North Coogee has fallen sharply. Credit: Ray White Dalkieth/Domain
Located a few kilometres south of Fremantle, the beachside suburb of North Coogee had the second-sharpest decline.
The suburb has dropped off the list of Perth’s million-dollar suburbs after its median house price collapsed by 19.2 per cent, or $211,000, to $889,000. But its fall was off the back of a spectacular 52 per cent jump in house prices the previous year.
It was followed by Subiaco where the median dropped 16.9 per cent, or $218,000, to $1.07 million, then West Leederville (-12.9 per cent) and Woodlands (-12.4 per cent), where values fell about $128,000 and $155,000 respectively.
Maylands and Ardross recorded a decline of around 6 per cent, dropping to $510,000 and $1 million respectively, while Attadale recorded a similar fall which saw its median house price fall by $75,000 to hit a new median of $1.22 million.
Across the city, the median house price soared again to a record of $742,390, the steepest quarterly increase in three years.
Strategic Property Group managing director Trent Fleskens said the fall in value in some suburbs demonstrated the Perth property market wasn’t homogenous.
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