Signs remain positive for western suburbs property market

Signs remain positive for western suburbs property market
Signs remain positive for western suburbs property market
Signs remain positive for western suburbs property market

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, two-bathroom 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. n