BOORAGOON is one of Perth’s fastest selling suburbs, with house hunters snapping up properties in an average of 45 days according to new Reiwa data.
This is well below the Greater Perth average number of days on the market, which sits at 74 for the 12 months to July.
The southern suburb is the only locale in the top 10 list to achieve growth in the median house price, recording a 7.4 per cent increase to $900,000 compared to the same time last year.
Baker Suriano Real Estate principal Rosanne Baker said Booragoon had proved popular with families since she started selling in 1986.
“It offers many great lifestyle benefits including Melville Aquatic Fitness Centre, Garden City shopping centre, abundant parks and is in the very sought-after Applecross Senior High School zone,” she said.
“Also, the south-east section of Booragoon feeds to the equally respected Rossmoyne Senior High School.
“Money has been tight for families and some can no longer afford to send their children to private schools, so they will move to the area with the best high school zone they can afford – a trend seen across Perth.
“Plus, the Booragoon bus station provides easy access to the city, train and universities.”
Ms Baker attributed the median house price growth to zoning changes under the Melville City Centre Structure Plan.
“There were a number of properties sold in Marmion Street and other streets close to Garden City where the zoning is now R100 mixed use, R80 in Colleran Way and Sprigg Place, and south of Marmion which is R40,” she said.
“This means homes once on a single residential block can now be developed to a much higher density, increasing prices from $700,000 to $850,000 and, in some cases, well over $1 million.
“Four R100-zoned properties in Marmion Street fetched between $1.1 million and $1.25 million and one R80-zoned 1980s family home in Colleran Way achieved $1.35 million, to name just a few.
“With fewer homes in Booragoon that are single residential and affordable for families, these properties go quickly.”
Ms Baker said there is strong buyer demand for properties priced less than $600,000 that were suited to downsizers or young couples as well as family homes with some renovations on full blocks at less than $1 million, with very little stock available.
“Recently, we received multiple offers on a triplex property in walking distance to Garden City and sold it in less than three weeks,” she said.
“We also have a number of buyers for small strata blocks east of Riseley Street.”
Ms Baker said the status of redevelopment projects in the area had affected community sentiment.
“Developers, investors and residents were very excited about the major extensions and upgrades planned to Garden City and the new community centre,” she said.
“This fuelled enthusiasm in the area for downsizers and young couples, however, now the shopping centre redevelopment is on hold and AMP is reportedly considering selling it, people are very disappointed.
“I believe developers are now nervous and will be very cautious.”