BUYERS’ REACH INCREASING
WA homebuyers are jumping at the chance to secure family homes in areas that were previously out of reach, resulting in significant median house price growth last year in Perth’s most desirable suburbs.
North Fremantle, Applecross and Dalkeith recorded the biggest rises in median house price of more than 20 per cent and all but three of the top 10 suburbs had medians exceeding $1 million.
“Perth’s highly prized suburbs are leading the way in the recovery of the WA market,” REIWA president Hayden Groves said.
“We’ve seen listing stock tighten considerably over the past 12 months, with good quality family homes attracting a lot of attention in aspirational areas.
“With the WA economy gaining strength and owner-occupier loans at their most affordable in decades, buyers recognise now is the time to secure a family home in areas previous out of reach for many.”
Locally, Trigg came in sixth on the list with a median of $1.155 million and 17.6 per cent growth, while North Beach sneaked into tenth place with a median house price of $1.0175 million.
Davey Real Estate North Beach partner Phil Pope said softening of values in the area over the past four years had resulted in great opportunities in the region.
“I have seen a large number of buyers coming from Karrinyup, Duncraig and Carine and moving to the western side of Marmion Avenue for reasonable value,” he said.
“Other obvious attractions too are the amazing schools, both public and private, our gorgeous coastline and everything it has to offer the healthy lifestyle enthusiasts.
“Studies have shown that people who live on the coast are generally healthier than those who live inland, and the local community is similar to that of a smaller country town where there is that wonderful community spirit.”
Mr Pope said there was a softening of house prices since 2013 until about 12 months ago, when the market seemed to plateau.
“However, since September of last year I have certainly been seeing a marked increase in buyer activity with multiple offers early in the campaigns,” he said.
“We are certainly on the way forward with values, which is exciting for property owners and sellers alike.”
REIWA.com analysis also found nine of the 10 suburbs had faster selling times than the Perth metro region.