The property market in Perth has been buoyant in recent times with a booming economy due to the mining industry and a growing population. New migrants and workers from overstate and interstate are arriving in record numbers to Perth each year.
The median house price of established houses was reported at AUS $466,000 in the Perth metropolitan area by the Real Institute of Western Australia (REIWA) for the September quarter 2007. This represents a 3.4% increase compared to 12 months ago.
Inner city living has become more popular and the Perth CBD and surrounding suburbs has seen a rise in apartment construction activity to meet demand. Those opting for an inner city lifestyle include singles, couples, professionals, and baby boomers downsizing from the typical 4 by 2 house with a big block in the burbs and opting for a different lifestyle. The median price for units/apartments in the Perth metropolitan area was $370,000 for the September quarter 2007 according to REIWA. This represents an 8.8% increase compared to 12 months ago.
The main areas for apartment living inner city style are the Perth CBD and the surrounding suburbs of Northbridge, Subiaco, West Perth, and East Perth.
River and coastal suburbs in prime locations fetch hefty price tags. The exclusive river suburbs of Perth include Applecross, Mount Pleasant and South Perth south of the river and Nedlands, Mosman Park, Dalkeith and Peppermint Grove north of the river. Popular coastal suburbs include Trigg, Scarborough, Floreat, and Cottesloe. Fremantle is the popular port city with access to both the river and coast.
Inner city suburbs are always popular and in demand with property becoming more expensive due to its proximity to the city. Suburbs less than 5 kilometres from the Perth GPO include East Perth (2 kms), Leederville (3 kms), Shenton Park (4 kms), Subiaco (4 kms), South Perth (4 kms), Mount Lawley (5 kms), North Perth (5 kms), and West Perth (5 kms).
The current rental market is tight with a vacancy rate of 2.5% (Source: REIWA) and with the vacancy rate already trending below 2% in early 2008. Rents have risen with the median weekly rent at $300 week. (Source: REIWA) This represents an increase of 20% compared to the weekly rent 12 months ago. By way of example, in 2007 to rent an inner city 2 bedroom unit in a location 5 kms from the Perth GPO in the suburb of North Perth would cost you on average AUS $290 per week. Or if you are looking to rent a 3 bedroom house in the suburb of Morley which is 9 kms from the Perth GPO you would expect to pay a rent on average of AUS $293 per week. (Rent prices as at December 2007)
Continue on to page 2 of Real Estate in Perth, Western Australia
Living in Perth
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(1) Property price information referred to in the article above has been sourced from the Real Estate Institute of Western Australia (REIWA).
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