A coastal haven, 36km from the Perth CBD, has been singled out after house prices in the area shot up more than $30,000 in a single month.
The latest Real Estate Institute of WA figures crown the outer northern suburb of Mindarie as Perth’s top performing suburb for price growth.
The beachside suburb, known for its marina and high population of British immigrants, has seen prices grow 3.7 per cent in January – or more than $33,000.
The median house price in the area now sits at a whopping $933,500 — $333,500 above Perth’s median house price.
South of the river, Como recorded Perth’s second highest price growth for the month — 3 per cent to $1.1225m.
But the increases weren’t limited to Perth’s priciest regions.
The affordable suburbs of Camillo and Armadale also placed in the top five suburbs for price growth.
Camillo and Armadale, in Perth’s south-east, each recorded a price increase of 2.4 per cent, sending median house prices to $420,000 and $389,000 respectively.
Armadale, once voted the State’s worst suburb by the satirical S**t Towns of Australia website, appears to be enjoying a surge in popularity in recent months.
Last month, an east coast property expert named the suburb in the top 10 Australian suburbs to invest in.
Director of Melbourne-based investment firm OpenCorp, Michael Beresford, said while an area’s appeal towards renters was part of the “due diligence” investors undertook, reputations could shift over time.
“Areas grow and cities develop. Port Melbourne had that (sort of reputation) not that long ago. And the median house price is now close to $2 million,” he said.
“My frequent advice to investors is ‘don’t buy with your heart’, emotion has no place in investment.
“It’s not about whether you love the property or whether you can see yourself living in that area or not. It’s about where you’re going to get the best financial return.”
Bull Creek placed fifth on the list for January price growth, with house values shooting up 1.8 per cent to $945,250.