WEMBLEY was the top performer for the four weeks to November 20, recording 16 sales in the latest local data from REIWA.
The suburb was also the highest selling area for the September quarter, with 205 sales across houses, units and land. Bexleys Real Estate’s Ray Jennings said there was very strong demand for houses, townhouses and villas – essentially all properties with some land content.
“Demand is outstripping supply so these properties sell quickly,” he said.
“Compared to surrounding areas Wembley still offers excellent value, even with the recent increase in value and buyers have recognised this fact.”
However, the apartment/unit market had not fared so well and sellers have had to adjust their expectations.
“Apartments and units have suffered a massive oversupply. Sellers have understood the value of their property has declined and therefore reduced the price to attract buyers who are getting very good value for money because of the superb location and infrastructure, including schools, Wembley is offering,” Mr Jennings said.
He said Wembley buyers included investors and owner-occupiers.
“Owner-occupiers are predominantly buying houses, while new apartments, at the reduced prices, are attracting both investors and owner occupiers,” he said.
Wembley’s location was a key factor in its appeal.
“It has been described as the greatest suburb on earth and 10 minutes from everywhere, and this is what the buyers are finding with the proximity to the city and beach plus magnificent family friendly parks, playgrounds, sporting facilities, lakes and transport,” Mr Jennings said.