The riverside suburbs of Shelley and Mt Pleasant are among the Top 10 WA suburbs for annual growth in median house prices.
With 15 per cent growth compared to the same period last year, Shelley ranked fourth.
Shelley’s annual median house price is $960,000, and sitting just 10km from the CBD this established suburb still represents exceptional value for such a well serviced, intimate suburb of just 4500 population, according to Pulse Property Group director, Di Addenbrooke.
“The riverside lifestyle is idyllic,” Di said. “Shelley is cut off by Leach Highway so there’s no through traffic.”
“It’s a great community with access to plenty of sporting clubs – netball, football, tennis, lawn bowls and sailing to name a few.”
“And with more zoning changes to come, there will be even more investment opportunities.”
Mt Pleasant ranked seventh with a median house price of $1.254 million –11.7 per cent annual growth on last year.
Pulse Property Group director Jared Rayner said Mt Pleasant was a family-friendly neighbourhood that had established itself as a popular public school zone. Investment opportunities for units also represent good value in such an established, desired suburb.
“Mt Pleasant is seen as central in relation to the Perth metro area and its close proximity to the CBD and Fremantle is supported by a reliable public transport network,” Jared said.”
According to REIWA’s Market Update for the June quarter, a significant portion (42 per cent) of Perth vendors achieved sale prices at or above their original asking price.
This suggests many sellers are heeding the advice of their real estate agent and pricing their properties in line with market expectations, according to REIWA president Damian Collins.
Mr Collins said that while the number of properties sold (6649) was 23 per cent lower than the March quarter, the onset of Winter meant that this trend wasn’t unusual.
“We can expect to see this pick up again in Spring,” he said.
Broader property outcomes are now “generally positive”.
“Most notably, there is now certainty around the future of housing taxation policy following the federal election, regulatory constraints on housing credit have been eased and interest rates have fallen,” the REIWA report notes.
“It is hoped the market continues to move toward balance throughout 2019 as population growth improves and new supply slows to allow the existing oversupply to be better absorbed, before price pressures can eventually re-emerge.”
Figures released this week by property data provider, Core Logic, show the number of newly advertised properties for sale in Perth is at the lowest level for this time of the year since at least 2007.
“In a positive sign for the market, total properties advertised for sale (in Perth) are trending lower, down -7.6% compared with a year ago and now lower than they have been at this time of year each year from 2015 onwards,” it says. “The consistent reduction in advertised supply should help prices find a floor, as vendors see reduced competition and buyers have less choice.
“Although total stock for sale is down on recent years it remains much higher than between 2012 and 2014 when values were rising.”