Canning Vale and Coolbinia property market’s top performing suburbs

Canning Vale and Coolbinia property market’s top performing suburbs

CANNING Vale and Coolbinia are the property market’s top performing suburbs according to the latest data from REIWA.

Canning Vale topped the list for the number of sales, recording 349 house sales in the 12 months to October 2017.

Baldivis placed second with 327 sales followed by Morley with 311.

Peard Real Estate Canning Vale sales manager Karen Lloyd said while the volume of sales in 2017 was lower than previous years, Canning Vale was still a sought-after area and properties priced to meet the market had sold well.

Buyers were generally owner-occupiers with families, with low rents and declining prices over the last year leading to lower investor activity.

“Four-bedroom, two-bathroom family homes with two living areas were in demand and the $500,000-$650,000 price bracket had sold well,” Ms Lloyd said.

She said there was strong indication the market had bottomed out and stabilised and was set to improve over 2018.

“I am quite positive that prices will slowly move up, with not much growth and a steady market, with a better position by the end of year,” Ms Lloyd said.

Coolbinia recorded the highest price growth, with its median house price rising 38.5 per cent to $1.191 million in the year to September 2017.

Limnios Property Group executive manager sales Dominic Ferraro said the growth was a result of high demand combined with low levels of properties for sale.

“We saw a greater number of homes sell over the $2 million mark compared to the past 18 months,” he said.

Mr Ferraro said Coolbinia was attracting young professionals and young families.

“The area has a variety of properties and all are in demand,” he said.

“This includes contemporary and character homes and especially those blocks with views.”

Mr Ferraro said there were encouraging signs for 2018, with greater enquiry from buyers.

“It’s fair to say we are trending upwards,” he said.

Country areas also performed well when it came to price growth, with four localities making REIWA’s top 10.

Narrogin was the highest regional performer and took out second place on the list with 36.4 per cent growth in its median house price, followed by North Beach with 26.7 per cent growth.

MORE: Department of Local Govt investigating cities of Perth and Joondalup over undisclosed gifts

MORE: Family reunited with dog a year after believing it had been put down

MORE: Sixth person charged over Canning Vale violence

MORE: Roger Federer’s quokka selfie a boon for WA tourism