Three fewer million-dollar suburbs in WA as downturn hurts prestige market
There are three fewer $1 million-plus suburbs in Western Australia, as the downturn continues to subdue prestige market turnover and pricing.
Some 22 localities across the state command the hefty price tag, compared with 37 in Victoria and 116 in NSW, according to RP Data-Rismark.
Dalkeith remains WA's most expensive suburb, with a median house price of $2.375 million, based on 57 sales.
Perth's western and coastal suburbs dominate the list, and Port Hedland was the only suburb in the northern WA mining region.
The new suburbs to make the list are Watermans Bay, North Fremantle, Yallingup, Port Hedland, Salter Point, Mariginiup and North Beach.
To make the cut onto the RP Data list, each suburb must have sold at least 10 properties, so pricey Peppermint Grove fell off the list due to inactivity.
Others to fall off were Mount Pleasant, Banjup, East Fremantle and Daglish, and falling values across the Stirling Council area caused four suburbs – Mount Lawley, Menora, Trigg and Coolbinia – to lose their places on the list.
The number of million-dollar localities in the state jumped during the property boom of 2006-07 from four in 2004 to 15 in 2006.
It peaked in 2010 of 25 suburbs.
Across the country there were 194 localities with a median sale price of at least $1 million last year.
The total number fell by 13% last year, reflecting the weak performance of the premium housing market in 2011.
RP Data forecasts it is likely that other Perth suburbs could lose their million-dollar status during 2012.
Picture courtesy of Nedlands MLA Bill Marmion
