The suburb with Australia's highest-performing property prices is not in Sydney

Noosa, Byron Bay and Sydney’s moneyed eastern suburbs may have dominated headlines during the pandemic property boom for their record-breaking prices and staggering growth, but these days, the best-performing property markets in Australia are a little less conspicuous – and a lot further west.

New data from Domain has revealed that the suburb of Churchlands in Perth, Western Australia, outperformed every other postcode in the nation last year.

House prices in this locally sought-after suburb rose by an incredible 49.8 per cent to a median price of $1.535 million, according to the latest Domain House Price Report.

Country and regional towns made up most of the other top-performing suburbs over the past 12 months, which could point to the pressures of affordability from interest rate rises and the cost of living crisis in major cities.

Other notable mentions include Marsfield in Sydney’s Upper North Shore, which experienced a growth of nearly 33 per cent, and Warana – considered one of the most affordable beachside suburbs on the Sunshine Coast – which also grew by 32 per cent.

While Churchlands likely won’t be as recognisable to non-Perth locals as suburbs like Subiaco, Peppermint Grove and Cottesloe, local real estate agent Tina Mincher of Ray White Cottesloe Mosman Park says the suburb is a “hidden gem.”

“It’s got some really good options for perhaps younger people needing to enter into the market because they’re struggling to get rentals at the moment,” she says.

“I’m finding that our biggest buying demographic is the sub-$750,000 [buyers], who are your first-home buyers … getting pushed out of the rental market.”

Located seven kilometres north-west of Perth’s CBD and five kilometres east of the local beaches, the suburb is primarily filled with young professionals and families taking advantage of the local schools, public transport, and wonderful eateries.

SOLD - $453,000

9/15 Flynn Street, Churchlands WA 6018

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Churchlands’s price growth could be attributed to its location, says agent Scott Fletcher of Acton Belle Property Mt Lawley. The ripple effect of the nearby premium suburbs of Floreat, Wembley and City Beach led buyers to look at Churchlands as an alternative and helped push up prices.

“Churchlands has been relatively undervalued when you look at adjacent suburbs,” he says. “It is actually a really convenient suburb. It’s just prime real estate there.”

“It ticks a lot of different boxes,” Fletcher says. “It’s a good school catchment zone. It’s got easy access into Perth CBD. It has easy access to the beach and it’s easy access into the western suburbs from there. You’ve got really nice shops around there as well.”

SOLD - $435,000

21/15 Flynn Street, Churchlands WA 6018

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Houses in Churchlands have a median price of $1,535,000, but Mincher says it’s possible to find property well below that price. It’s possible to find a two-bedroom and one-bathroom townhouse or semi-detached house below $750,000.

However, she has seen a lot of first-home buyers using the bank of mum and dad along with the bank of grandparents to enter the property market quicker as rental prices skyrocket. 

“It’s cheaper to get a mortgage than to get a rental at the moment.”

Additionally, Fletcher says the area has a good mix of old and newer properties that attract young professionals.

“There is a bit of old money there as well, with a lot of professional people that live there with families,” he says.

Mincher says she’s seen many singles – particularly young women – buying in Churchlands. 

“It’s such a safe area. It’s got that really good reputation,” she says. “It’s incredibly well located with lots of amazing lifestyle options.”

SOLD - $1,000,000

7A Otram Way, Churchlands WA 6018

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