Ap­peal­ing trio tops sales list, of­fer­ing var­ied op­por­tu­ni­ties

Western Suburbs Weekly - - Residential -

THREE sub­urbs have topped the list for sales for the four weeks to June 5.

The lat­est data from REIWA shows Su­bi­aco, Wem­b­ley and West Perth with 16 sales each.

Su­bi­aco is a reg­u­lar top per­former and Abel Prop­erty Su­bi­aco prop­erty con­sul­tant Janelle Lare­tive said it would al­ways be a beau­ti­ful sub­urb where peo­ple would want to live.

“Not many Perth sub­urbs can boast what the peren­nial Su­bi­aco has to of­fer,” she said.

“It caters for the tastes of peo­ple from all walks of life and of all ages and sup­plies an in­cred­i­ble mix of prop­erty styles at dif­fer­ent price points, which en­sures it will al­ways ap­peal to some part of the buy­ing mar­ket.

“And all this on the edge of in­cred­i­ble Kings Park and our city.”

Mrs Lare­tive said char­ac­ter homes on green ti­tle land were re­ceiv­ing a lot of at­ten­tion, but buy­ers were hold­ing fast to the pur­chase fig­ure they felt was fair.

“Sell­ers are be­ing re­silient, re­al­is­tic and un­der­stand­ing that there is the func­tion of price and de­spite a level of de­sire in buy­ers they are still buy­ing with their heads,” she said.

“This meet­ing of the minds re­sults in more sales in the mar­ket place.”

Ac­cord­ing to Mrs Lare­tive, the older town­house mar­ket was one to watch in the fu­ture as, with the num­ber of apart­ments be­ing de­vel­oped, they of­fered buy­ers some­thing unique.

“They are gen­er­ally at sim­i­lar price points but with lower strata levies, front and/or rear court­yard spa­ces for en­ter­tain­ing and the pos­si­bil­ity to have a pet be­ing a draw­card,” she said.

“They also of­fer the in­de­pen­dence of street frontage or pri­vate entry in most cases, which is at­trac­tive to own­ers who like to feel the prop­erty is more of an in­de­pen­dent abode.”

Mrs Lare­tive said the mar­ket was still ten­ta­tive, but for sell­ers who took the time to present their prop­erty at its very best, stood out from the com­pe­ti­tion, worked dili­gently with a hard-work­ing agent and the buy­ers who pre­sented them­selves, the re­sults would come.

Peard Leed­erville di­rec­tor Dean Bradley said lo­ca­tion, schools and ameni­ties drew peo­ple to Wem­b­ley.

“Gen­er­ally, Wem­b­ley is a tradeup area and buy­ers come from three places,” he said.

“Of­ten I meet buy­ers who are trad­ing up from within Wem­b­ley it­self; the area has so many rea­sons to live in it that those who do rarely want to leave.

“If buy­ers are not com­ing from within the sub­urb then it is likely they are com­ing from the north­east­ern in­ner sub­urbs such as Mt Hawthorn, West Leed­erville or even Mt Law­ley.

“They can still ac­cess the slightly larger 600+ sq m blocks in Wem­b­ley to have the fam­ily life in a won­der­ful lo­ca­tion.

“The fi­nal clus­ter of buy­ers is those who have pur­chased their first home in the outer sub­urbs and are now able to trade up closer into the city.”

Mr Bradley said ba­sic sup­ply and de­mand was driv­ing the lo­cal res­i­den­tial prop­erty mar­ket.

“Gen­er­ally de­mand hasn’t changed; there are al­ways peo­ple look­ing and it’s the lack of sup­ply that forces up the com­pe­ti­tion,” he said.

“There’s clear de­mand for prop­er­ties priced be­tween $900,000 and $1,200,000.

“Buy­ers are either look­ing for a char­ac­ter bun­ga­low that they can ren­o­vate to their own tastes or for the golden op­por­tu­nity to de­mol­ish and build their next home.”

Mr Bradley said the unit/town house mar­ket in Wem­b­ley still of­fered rel­a­tively good rental yields due to the ad­di­tional value the area of­fered in its prox­im­ity to the city, recre­ational fa­cil­i­ties, the beach and pub­lic trans­port.

Mack Hall Real Es­tate’s Richard Self said it was not a sur­prise that West Perth had topped the list again this year.

“It of­fers some of the best value avail­able in the in­ner western sub­urbs,” he said.

“Cou­pled with the es­tab­lished apart­ment life­style, sur­rounded by cafes and restau­rants, pub­lic trans­port, and the at­trac­tive­ness of liv­ing so close to Kings Park and the city, it is very at­trac­tive to a range of buyer-types in­clud­ing in­vestors, first-home buy­ers and down­siz­ers look­ing to be in the ac­tion but in peace and quiet.”

Mr Self said af­ter an ab­sence of two years, in­vestors were be­com­ing more ac­tive in the area.

“Some of this new in­ter­est is also from east­ern states in­vestors look­ing for op­por­tu­nity in a rel­a­tively sub­dued and un­der-priced mar­ket­place,” he said.

“Some re­cent sales oc­curred with­out these buy­ers even in­spect­ing the prop­erty.”

Mr Self said the types of prop­erty be­ing pur­chased were mainly one and two-bed­room es­tab­lished apart­ments, which rep­re­sented the best value when com­pared to off-the­p­lan apart­ments.

“For ex­am­ple, one-bed­room and two-bed­room apart­ments in West Perth are $100,000-$175,000 be­low what off-the-plan apart­ments are sell­ing for when com­par­ing sim­i­lar floor plans,” he said.

“Also, in­vestors are keen to lock in some of the low in­ter­est-rate deals on of­fer now and not wait for an apart­ment project to be com­plete.”

57 Sal­is­bury Street, Su­bi­aco - This Su­bi­aco char­ac­ter home sold in four weeks to a young cou­ple.

Dean Bradley

Richard Self

Janelle Lare­tive

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