Top spot

Lower King in prop­erty peak

Albany Advertiser - - FRONT PAGE - Tayler Neale

Lower King recorded the high­est growth in its me­dian house price of any sub­urb in re­gional WA in the 2016-17 fi­nan­cial year, ac­cord­ing to the lat­est Real Es­tate In­sti­tute of WA statis­tics.

North-east of Al­bany, Lower King no­ticed an in­crease of 12.7 per cent in the me­dian house price to sit at $400,000.

Al­bany had four sub­urbs in the top 10 for price growth in re­gional WA, with Yakamia (12.5 per cent), Orana (2.3 per cent) and Spencer Park (0.6 per cent) also fea­tur­ing.

Welling­ton and Reeves sales and mar­ket­ing man­ager Dar­ren Les­lie said mo­men­tum in sur­round­ing sub­urbs had con­trib­uted to the im­pres­sive fig­ures.

“Bay­o­net Head is the high­est­selling area in Al­bany, and with prices ris­ing in that area, Lower King has be­come more af­ford­able,” he said.

“Lower King has larger blocks — it’s close to the wa­ter and to qual­ity school­ing, so there is a broad mix of buy­ers.”

Mer­ri­field Real Es­tate direc­tor Jeremy Ste­wart said the fig­ures were dis­torted.

“Due to a few higher priced spe­cific prop­er­ties sell­ing over the last 12 months in these sub­urbs, it has pushed up the me­dian price in the sub­urbs men­tioned and there­fore isn’t a true re­flec­tion on the whole mar­ket­place across the re­gion as such,” he said

Ma­son Realty owner Rob Ma­son said there was great value in the Al­bany prop­erty mar­ket.

“Al­bany still rep­re­sents ex­cel­lent buy­ing, and within the four sub­urbs listed in the top 10, there are still quite a few homes for sale un­der $300,000, well be­low the me­dian price,” he said. “Newer homes sell­ing in Yakamia and Spencer Park help push up growth fig­ures, as does the sale of life­style type prop­er­ties in Lower King.

“Re­cent de­vel­op­ments in and around Orana have prob­a­bly led to re­newed in­ter­est in this area.”

Over­all, the Al­bany re­gion recorded a de­cline in the me­dian house price of 0.7 per cent to $377,500 while re­gional WA dropped 5.4 per cent.

The me­dian house price in Den­mark grew 9.4 per cent to lead all re­gional cen­tres.

Pic­tures: Lau­rie Ben­son

Lower King recorded the high­est prop­erty value growth in re­gional WA in the 2016-17 fi­nan­cial year.

Yakamia recorded the sec­ond-high­est prop­erty value growth in re­gional WA in the 2016-17 fi­nan­cial year.

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