Perth’s top 10 performing suburbs for 2022


Proximity to surf, sand and city drives price growth of up to 53%.

Our research team at Momentum Wealth has analysed data from the Real Estate Institute of WA (REIWA) to identify Perth’s top suburbs for capital growth in 2022.

Across Greater Perth, houses recorded value growth of 3.6% over the 12 months to September 2022. However, East Perth – the city’s leading location for capital growth in 2022, recorded more than 14 times these gains, with the median house price soaring 53.0% over the past year.

REIWA data confirms that East Perth has a strong track record for price growth, having achieved value gains of 297.9% since 2002.

Damian Collins, Managing Director of Momentum Wealth, said, “East Perth is a highly desirable location, just 1.3 kilometres from the CBD with nearby access to the WACA, Optus Stadium, the Swan River, and Ascot Racecourse.”

“Importantly, the majority of East Perth has been redeveloped into higher-density living. This has restricted the availability of houses within the area, and scarcity has underpinned significant house price growth.”

The key factors shared by Perth’s top-performing suburbs

Many of the top-performing suburbs share several traits that have helped these locations outperform the Greater Perth market. The majority have close proximity to the Perth CBD and either the river or beach.

However, our analysis confirms that growth in these areas has largely been driven by the limited availability of high-quality housing stock. Our team expects values in these premium suburbs to record further growth in 2023 as migration into WA rises following the reopening of the state and national borders earlier in 2022.

Forrestdale – the geographic outsider of the top 10

Forrestdale is the only top 10 suburb with a median house price below $1 million. It is also an outlier suburb, situated 23.5 kilometres from Perth’s CBD.

Damian noted, “Forrestdale has a mixture of smaller residential properties and larger rural lifestyle holdings, some of which have benefitted from zoning changes that have created various development opportunities, which have underpinned investor interest in the suburb.”

The common thread

Almost all of Perth’s top 10 suburbs share a common feature: Homes are typically tightly held. Six out of the 10 leading locations recorded fewer than 45 house sales in 2022.

“While there are exceptions, properties in the highest performing suburbs for 2022 rarely come onto the market. Additionally, in many cases very few lots are approved for future development. This creates scarcity, which when coupled with strong demand, provides the ideal combination for capital growth,” concluded Damian.


Perth's top performing suburbs

Source: REIWA September 2022 Quarterly Data Release
Excludes suburbs with less than 15 house sales