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Living
in Perth
Real
Estate in Perth, Western Australia
Perth
Property Market
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).
Rental Market
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
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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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