BUYERS are snapping up homes in Gwelup, with properties selling in an average of 46 days, well below the Greater Perth average of 74.
It placed ninth on Reiwa’s list of Perth’s fastest selling suburbs for the 12 months to July 2019.
Thought Leaders Real Estate director Nick Luca said Gwelup’s lifestyle, schooling options and property diversity made it popular with a range of buyers.
“Gwelup features everything from land sales right through to million dollar-plus high-end homes,” he said.
“The highest demand exists for modern and well-finished family homes as, predominantly, it is a family-oriented location.”
Mr Luca said the area also attracted professional couples seeking executive homes on smaller lots and retirees looking for smaller homes on smaller blocks.
“Gwelup is also desired from an international relocation perspective,” he said.
“Recently we sold a very substantial home to a US buyer, as well as working with another buyer from the US.”
With a median house price of $830,000, Mr Luca said prices in Gwelup ranged from $550,000 to $1.5 million, with exceptions such as land and the occasional older-style duplex selling in the $400,000s.
“The hottest price range right now is $700,000 to $1million,” he said.
Mr Luca said several factors would keep the area’s desirability high and continue to bolster its median sales value.
“I believe Gwelup offers exclusivity; it presents a feature-packed lifestyle location with very few homes available in the suburb at any given time,” he said.
“This stems from the fact Gwelup features far less homes than surrounding suburbs and that once people move here, they likely do not leave for a very long time.
“It is also unique in it has remained fairly untouched by extensive high density re-zonings leading to over-development.”