The relatively unknown suburb of Viviach – located between Midland and Middle Swan – has risen to the top of the ranks in Perth The real estate market is booming with home prices in the area rising by more than $3,000 a week in the past year.
House values in the eastern suburbs rose by an extraordinary 40.9 per cent in the year to June, according to the Real Estate Institute of Western Australia, taking the average house price from $440,000 to $620,000.
The small suburb has been hidden for many years, with many buyers unaware of its existence, said Richard Lowenhoff, director of Ray White Midland & Hills.
“But once they got that, then yeah, we started getting a lot of buyers and landlords basically because most of the properties are within 200 metres of the river, they have a prestigious private high school and they’re on the border of the Swan Valley,” he said.
REIWA chief executive Cath Hart said the Viviach area, like the majority of the top ten suburbs for house price growth, reflects the focus on affordability for buyers.
“Most of these homes have a median sale price below the Perth average, and only two have a median home sale price of over $1 million,” she said.
“This indicates strong demand for suburbs in the more affordable price ranges,” she added. “The demand is also reflected in their selling times. The most affordable suburbs on the list have an average time on market that is nearly half that of suburbs with a median price of over $1 million.”
REIWA data shows Perth’s property market had another strong year, with 54,307 first sales of homes, units and land recorded, worth more than $39 billion.
