Two car bays keenly sought in West Perth as apart­ments at­tract in­ter­est

Western Suburbs Weekly - - News -

SIGNS re­main pos­i­tive for the west­ern sub­urbs prop­erty mar­ket.

The lat­est data from reiwa.com showed sales for the four weeks to March 13 were 22 per cent higher than the pre­vi­ous pe­riod and 3 per cent higher than the same time last year.

West Perth and Mos­man Park were the top-per­form­ing sub­urbs with 16 sales each.

Mack Hall Real Es­tate’s Richard Self said West Perth’s ex­cel­lent value for money, along with an un­der­sup­ply of apart­ments, was sup­port­ing de­mand.

“At the mo­ment, it is es­pe­cially at­trac­tive to owner-oc­cu­piers,” he said.

“The es­tab­lished apart­ments are big­ger than new apart­ments in neigh­bour­ing sub­urbs, the lo­ca­tion is bril­liant with prox­im­ity to Kings Park, Su­bi­aco and the CBD, and the apart­ment lifestyle is well and truly al­ready es­tab­lished, with free CAT buses run­ning through­out the sub­urb and plenty of cafes and res­tau­rants to choose from.”

Mr Self said one-bed­room apart­ments in the mid $300,000s were par­tic­u­larly at­trac­tive to buy­ers, along with two-bed­room apart­ments in the $400,000s to mid $500,000s, and three-bed­room apart­ments in the high $500,000s to low $600,000s.

“A re­cent trend, and the most pop­u­lar apart­ment type, are two-bed­room, twobath­room apart­ments with two car bays,” he said.

“This is in re­sponse to the amount of owner-oc­cu­pier pro­fes­sional cou­ples that are mov­ing into the sub­urb and must have two car bays. The sec­ond car bay has achieved out­stand­ing prices, which pre­vi­ously was val­ued at $40,000, but has seen prices spike to $70,000 to $100,000 for that ex­tra car spot.”

Wil­liam Por­te­ous Prop­er­ties In­ter­na­tional’s Olivia Por­te­ous said there had been a flurry of ac­tiv­ity in Mos­man Park in the last month, with mul­ti­ple of­fers and de­ter­mined buy­ers keen to se­cure large land­hold­ings in an area which was very good value in com­par­i­son to neigh­bour­ing sub­urbs.

Ms Por­te­ous re­cently sold a prop­erty in Ow­ston Street be­fore the auc­tion date.

“Mul­ti­ple of­fers were re­ceived over the four-week cam­paign and the ma­jor­ity were from buy­ers who had missed out on other prop­er­ties in the pre­vi­ous weeks in Mos­man Park,” she said.

“The ap­peal in the area is that it is close to the river and ocean, pri­vate schools and new com­mer­cial zones, such as the re­cently re­freshed and newly fash­ion­able cafe strip on Welling­ton Street.

“The blocks are still large com­pared to Cottes­loe, and it is still min­utes to the beach, with the ben­e­fit of be­ing largely a river sub­urb.

“Mos­man Park has lots of great, open, green ar­eas with the na­ture-scape and other parks, and of course the golf course.”

Ms Por­te­ous said buy­ers were pre­dom­i­nantly fam­i­lies with chil­dren want­ing to have space in a blue-chip sub­urb, but still at rea­son­able prices.

“How­ever even though there is low sup­ply and a short­age of stock, I see this as an area which is still un­der­val­ued and still of­fers su­perb buy­ing,” she said.

“Hav­ing said that, there are de­vel­op­ers out there look­ing at ben­e­fit­ing from the pro­posed zon­ing changes in parts of Mos­man Park and also down­siz­ers want­ing to buy well and cash up.”

Read the lat­est lo­cal mar­ket news in REIWA’S subur­ban snapshot on page 4. ■

An apart­ment in thiswest Perth com­plex sold af­ter two weeks.

Richard Self

Olivia Por­te­ous

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