THREE suburbs have topped the list for sales for the four weeks to June 5.
The latest data from REIWA shows Subiaco, Wembley and West Perth with 16 sales each.
Subiaco is a regular top performer and Abel Property Subiaco property consultant Janelle Laretive said it would always be a beautiful suburb where people would want to live.
“Not many Perth suburbs can boast what the perennial Subiaco has to offer,” she said.
“It caters for the tastes of people from all walks of life and of all ages and supplies an incredible mix of property styles at different price points, which ensures it will always appeal to some part of the buying market.
“And all this on the edge of incredible Kings Park and our city.”
Mrs Laretive said character homes on green title land were receiving a lot of attention, but buyers were holding fast to the purchase figure they felt was fair.
“Sellers are being resilient, realistic and understanding that there is the function of price and despite a level of desire in buyers they are still buying with their heads,” she said.
“This meeting of the minds results in more sales in the market place.”
According to Mrs Laretive, the older townhouse market was one to watch in the future as, with the number of apartments being developed, they offered buyers something unique.
“They are generally at similar price points but with lower strata levies, front and/or rear courtyard spaces for entertaining and the possibility to have a pet being a drawcard,” she said.
“They also offer the independence of street frontage or private entry in most cases, which is attractive to owners who like to feel the property is more of an independent abode.”
Mrs Laretive said the market was still tentative, but for sellers who took the time to present their property at its very best, stood out from the competition, worked diligently with a hard-working agent and the buyers who presented themselves, the results would come.
Peard Leederville director Dean Bradley said location, schools and amenities drew people to Wembley.
“Generally, Wembley is a tradeup area and buyers come from three places,” he said.
“Often I meet buyers who are trading up from within Wembley itself; the area has so many reasons to live in it that those who do rarely want to leave.
“If buyers are not coming from within the suburb then it is likely they are coming from the northeastern inner suburbs such as Mt Hawthorn, West Leederville or even Mt Lawley.
“They can still access the slightly larger 600+ sq m blocks in Wembley to have the family life in a wonderful location.
“The final cluster of buyers is those who have purchased their first home in the outer suburbs and are now able to trade up closer into the city.”
Mr Bradley said basic supply and demand was driving the local residential property market.
“Generally demand hasn’t changed; there are always people looking and it’s the lack of supply that forces up the competition,” he said.
“There’s clear demand for properties priced between $900,000 and $1,200,000.
“Buyers are either looking for a character bungalow that they can renovate to their own tastes or for the golden opportunity to demolish and build their next home.”
Mr Bradley said the unit/town house market in Wembley still offered relatively good rental yields due to the additional value the area offered in its proximity to the city, recreational facilities, the beach and public transport.
Mack Hall Real Estate’s Richard Self said it was not a surprise that West Perth had topped the list again this year.
“It offers some of the best value available in the inner western suburbs,” he said.
“Coupled with the established apartment lifestyle, surrounded by cafes and restaurants, public transport, and the attractiveness of living so close to Kings Park and the city, it is very attractive to a range of buyer-types including investors, first-home buyers and downsizers looking to be in the action but in peace and quiet.”
Mr Self said after an absence of two years, investors were becoming more active in the area.
“Some of this new interest is also from eastern states investors looking for opportunity in a relatively subdued and under-priced marketplace,” he said.
“Some recent sales occurred without these buyers even inspecting the property.”
Mr Self said the types of property being purchased were mainly one and two-bedroom established apartments, which represented the best value when compared to off-theplan apartments.
“For example, one-bedroom and two-bedroom apartments in West Perth are $100,000-$175,000 below what off-the-plan apartments are selling for when comparing similar floor plans,” he said.
“Also, investors are keen to lock in some of the low interest-rate deals on offer now and not wait for an apartment project to be complete.”n