SUBIACO and Wembley topped the list for the number of sales in REIWA’s latest suburban snapshot of the western suburbs.
There were 15 sales in each suburb for the four weeks to August 8.
Subiaco was also the top suburb for the number of sales for the four weeks to July 11.
Growth Realty director Enzo Pagnozzi said it was no surprise that Subiaco was performing so well.
“With close proximity to Perth’s CBD, excellent access to public transport, a wide variety of entertainment venues, cafes and restaurants and a diverse range of housing options, Subiaco is the jewel in the crown of the western suburbs real estate market,” he said.
“Subiaco remains a solid choice for investors, and the vibrant community it offers attracts an array of residential buyers, from older buyers who wish to downsize their dwelling but not their lifestyle, to young families wanting to access good schools and young professionals who are putting their first foot onto the property ladder.”
Mr Pagnozzi said the properties which had been selling quickly were charming character homes priced between $1 million and $1.5 million.
Wembley has topped the list for the number of sales several times in the last few months and had the most sales in the June quarter with 222 sales.
Bexleys Real Estate director Mark Smith said Wembley was a diverse market with two main types of properties on offer.
The housing market, which consisted mainly of character homes on good-sized lots of 600m to 1000m, was popular with family buyers.
The unit market, including units, semi-detached townhouses and villas, was popular with younger buyers who liked the proximity to the inner suburban lifestyle and the ocean being just a five-minute drive away.
“Wembley has many attributes which make it a consistent top performer,” Mr Smith said.
“The location is hard to beat, with lakes, parklands, recreational and sporting facilities in amongst Wembley’s environs.
“I recently spoke to a resident who said it had taken them two years to buy the home that suited them, as they had not found, or missed out, on many suitable family homes due to the competition from other family buyers.
“They said one of the main attractions for them was the Wembley Primary School, which has an excellent reputation and has undergone several extensions over recent years to accommodate new students.”
Mr Smith said there was strong demand/short supply for family homes and potential renovation projects or new home sites.
The unit market remained challenging, but demand had increased since the Federal Election and the recent interest rate cut.
To see how your suburb performed, see REIWA’s suburban snapshot on page 4. n