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We’ve all heard many a tale about the state of the property market in Perth. But the trend seems to be changing, as land sales in Perth start to lift.
Based off of data for the June quarter of 2019, the number of lots sold across the Greater Perth region increased by 16.5%, with the average price stabilising at approximately $220,000.
According to UDIA WA President Nick Allingame, this could signal the bottom of this market cycle and a highly anticipated coming-together of positive factors to create a better purchasing environment (The West Australian, 2019).
So, there you have it, things appear to be looking up.
Now the question is: which suburb should I choose to build in?
According to QBE’s Housing Outlook, last year, outer Perth suburbs suffered a -2.6% in growth and inner city Perth decreased by -0.9%. All the while, middle Perth suburbs like Stirling hit 1.9% growth.
Based on these growth statistics, QBE say that you should look out for suburbs that are within 8-15km of the Perth CBD and close to water sources such as rivers or the Ocean. Think Stirling, East Fremantle, Cottesloe, City Beach, and Coogee.
If you are looking to build an investment property, the suburbs of Karinya, Bedford, Kelmscott, Harrisdale and Coolbellup have large recorded increases in renting activity and could be worth keeping an eye on.
What about if you are looking for somewhere to raise a family?
Research commissioned by Aussie confirms that Perth families tend to favour north-western and south-eastern suburbs, as they offer good affordability. In the Wanneroo area, for example, the suburb of Darch has over 69% of households with children. In Carramar, close by, around 64% of homes have kids.
The city of Joondalup tends to favour Burns Beach and Kinross for family-living. The Joondalup area also offers good property value growth!
And, closer to our CBD, the suburb of Floreat is most popular with families. Other near-city suburbs that are great for families include Riverton and Noranda.
The most affordable suburbs for families with 2 or more children, according to Aussie, are the suburbs of Brookdale, Bertram and Leda, all south of Perth.
There you go, the best suburbs to build in whether you want location, investment value or family-friendly living.
Are you thinking of building a new home in Perth? Did you know Ross North offers affordable house and land packages in over 50 suburbs across Perth? To learn more, follow the link ?
You can download the QBE Housing Outlook PDF from their website, www.qbe.com
Find The West Australian Article here: [/vc_column_text][/vc_column][/vc_row]
