Perth key to nation's $213bn property sales

TOTAL property sales in Australia to July 2010 amounted to $213 billion, with more than $1 billion in home sales coming from Perth’s top five suburbs, new figures show.

As a comparison, just five years ago the total value of sales across the country equated to more than $165.5 billion – an increase of 30 per cent, according to RP Data’s Property Pulse.
Dalkeith topped the list for WA with 74 home sales at a median price of $2.7 million            garnering $239.5 million in total.

The upmarket suburb was ranked number 12 in Australia in terms of the greatest total value of house sales.

Cannington, where 413 homes at an average price of $550,000 have changed hands in the year to July, came in at number 13 with $234.2 million.

Mosman Park ($208.2 million) and Cottesloe ($203.5 million) took out places 16 and 17 respectively with Nedlands rounding out the top 5 for Perth, coming in at number 20 nationally with more than $178 million worth of dwellings sold.

RP Data analyst Cameron Kusher said it was interesting to see a trend across those suburbs that have recorded the greatest total value of sales for houses; only one of the top five performers in each state has recorded a fall in median price over the last 12 months and that was Mosman Park in Perth where house prices have fallen almost seven per cent to a median $1.35 million.

RP Data said the unit market results show a number of similarities with the housing market results.

Scarborough was Perth’s number one suburb in terms of the greatest total value of unit sales for the years to July.

The beachside suburb came in at number 17 nationwide with 340 units sold at a median price of $455,000 equating to $242.7 million in total unit sales.

Como ($159.9 million), South Perth ($115 million) and Maylands ($108.7 million) were ranked 18 – 20 respectively.

Yokine was the next best placed Perth suburb in terms of the total value of units sold, ranked 21st nationally, with 176 units at about $361,500 sold for a total of $71.7 million.
"The next time it seems as if there are a lot of real estate agents or mortgage brokers in one of these the areas you can now understand why – it’s because these suburbs have the greatest amount of commission to be earned," Mr Kusher said.

http://www.perthnow.com.au/business/perth-key-to-nations-213bn-property-sales/story-e6frg2ru-1225938830994