WITH Perth’s property market holding stable and interest rates predicted to remain low, now could be the time to buy your next home.
But how can you tell which is the suburb for you?
Feel, amenities, schools and parks are all important – but, whether it’s your own home or an investment property, you want to see your asset grow.
With that in mind, we’ve asked the experts at the Real Estate Institute of WA (REIWA) for the suburbs where house prices have shown the best average price growth over the past decade.
Of course, that’s no indication of continued price growth – but it’s nice to have a good, strong track record.
Here are the five top performers:
“Over the last decade, Willetton has been Perth’s top growth suburb for median house price, with its annual median increasing, on average, 4.8 per cent every year since 2006,” REIWA president Hayden Groves said.
“Growth in this suburb can be partly attributed to its convenient location to the CBD and access to excellent secondary schools.
“For investors who are considering buying an investment property in the area, you can expect to yield a median rent price of around $425 per week.”
“Followed closely behind is Woodbridge, which has seen its median house price grow, on average, 4.6 per cent every year over the last decade,” Mr Groves said.
“Woodbridge’s median rent price also held up very well in 2016, lifting to $435 per week from $408 per week in 2015 – quite unexpected given current market conditions and a positive for landlords.
“This, combined with strong price growth rates, good local infrastructure and record low interest rates, provides prospective investors with an enticing suburb to consider purchasing a rental in.”
“With its relative proximity to the Perth CBD (15kms), good access to transport links and amenities, plus strong house price growth rates over the last 10 years, Riverton presents a good opportunity for investors,” Mr Groves said.
“If you were to purchase an investment home in the area, you could expect to yield around $395 per week from a leased property and it would take you on average around 52 days to find a tenant.”
“With a median house price well above the Perth metro region, Shenton Park is an affluent suburb that has enjoyed an average growth rate per year of 4.3 per cent since 2006,” Mr Groves said.
“For prospective investors who are in a position to purchase a rental in the area, you could expect to receive a steady weekly rent rate of $650 – notably higher than Perth’s overall median rent.
“Another benefit of owning a rental property in Shenton Park is it only takes an average of 36 days to lease property in the area – two weeks quicker than the overall Perth market.”
“Rounding out the top five is Bateman, which has experienced an annual average price growth rate of 4.1 per cent since 2006,” Mr Groves said.
“With its close proximity to Murdoch University, Garden City Shopping Centre and both the South Street and Bull Creek train stations, Bateman’s prime location holds great appeal for tenants.
“If you’re thinking about investing in Bateman, you can reasonably expect continued capital growth over the long term.”
|Suburb Name||2006 Median House Price||2016 Median House Price||10-Year Average Growth Rate|
|Shenton Park||$850,000||$1,300,000||4.3 %|