Now is the time to trade up in Perth, particularly if you are looking to buy in the blue-chip suburbs of Peppermint Grove, Applecross, and North Coogee.

The reiwa.com has compiled a list of prestigious suburbs that have become more affordable between 2012 and 2017.

REIWA President Hayden Groves said while prices in these suburbs were still well above the Perth median house price, they have become more affordable for buyers looking to trade up.

Peppermint Grove saw the biggest annual average change in its median house price over the past five years, with the median house price sitting at $3,750,000 for the year to April 2012, to $3,350,000 for the year to April 2017.

Groves says buyers are looking for suburbs with a good lifestyle, cafes, restaurants, and good public schools.

“Suburbs such as Applecross, Nedlands and Peppermint Grove are within the catchment for some of Perth’s best public schools," he said. With median house prices easing in these suburbs, the opportunity is there, he said.

Properties in Applecross, City Beach, Nedlands and Peppermint Grove are also selling more quickly today than they did five years ago.

“In 2012, it took on average 120 days to sell a property in Peppermint Grove. In more recent figures, the average selling days for the suburb sits at 90 days," he said.

Source: REIWA.

“We are also seeing sellers willing to negotiate and discount their initial asking price to achieve a sale,” said Groves.

In the five suburbs above, the average discount to the original asking price is around 8-10 per cent mark for the year to April 2017.

A four-bedroom home on a 1,103sqm block with pool, cabana, and extra study, at 10 Strome Road, Applecross, sold this month for $2.62 million, through Matthew Podesta of Mont Property Applecross. Click here to view the property on Luxury List.

Read more about Perth real estate:

As Perth market stabilises, where are the most affordable suburbs?

The Perth suburbs selling more quickly now than in 'boom' times

Auctions achieve quicker sales in Perth