Mandurah unit price growth just outperforms house price growth

Median unit prices in Mandurah have increased by 18.9 per cent in the last year. Photo: Harcourts.
Median unit prices in Mandurah have increased by 18.9 per cent in the last year. Photo: Harcourts.

Unit price growth is outperforming house price growth in 19 Perth suburbs, including Mandurah.

According to REIWA, the median unit sale price increased by 18.9 per cent while the median house sale price was slightly lower at 18.4 per cent.

The median unit sales price in Mandurah is currently $317,500.

Harcourts Mandurah director Ben Hatch said he'd noticed an increase in values on units specifically in central Mandurah.

"For what you could buy a year ago at $199,000 now the values have gone up around $240,000 to $250,000.

"There's also been quite a large run of high end apartments through the Mandurah Ocean Marina like Oceanique and Aqueous apartments, which has also increased the median sales price of all the apartments in Mandurah."

Acumentis Mandurah director Scott Robinson says the residential market has grown across the board. Photo: Supplied.

Acumentis Mandurah director Scott Robinson says the residential market has grown across the board. Photo: Supplied.

Acumentis Mandurah director Scott Robinson said it was "splitting hairs" to see whether house or unit sales were performing better.

"It's been good growth in the residential market across the board," he said.

"It's a case of the market performing well ever since the government decided to hand out money for the home builders which is almost about 12 months ago now - that kickstarted the market for vacant land then that quickly moved onto the established stock as well.

"It's great to see after many years of having a soft market post the 2006 to 2008 boom that prices are starting to turn."

REIWA President Damian Collins said it was pleasing to see units in Mandurah benefiting from the strong buyer demand and joining in on the Perth property market recovery.

"Unit prices were especially impacted during the market downturn, falling 17 per cent since their peak compared to house prices which fell 13 per cent," he said.

"Typically, it takes a longer time for the unit market to catch up to houses when prices rebound, however, 19 suburbs are bucking the trend and seeing unit prices grow at a stronger rate than houses."

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Overall, Mr Hatch said the growth of the residential market in Mandurah showed no signs of slowing down.

"From September 2020 to September 2021 the average sales price for house, land and apartments has gone from $378,909 its now $498,370 - that's a 31 per cent upwards swing in property values," he said.

"A couple of reasons for that is there has been strong buyer demand and we've also seen an increased amount in sales in the million dollar homes in the Peel region.

"We are heading toward our Spring/Summer market, which is generally pretty good in Mandurah - it will be interesting to see whether that allows the market to continue strongly or whether we will eventually see sales slow down," Mr Robinson added.