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Riding the wave of 12 interest rate rises, Perth’s real estate market has showcased impressive resilience, according to REIWA CEO Cath Hart.
The city’s property prices have seen a modest annual growth of 2.5%, with the median dwelling value now standing at a healthy $588,454 based on CoreLogic’s latest Hedonic Home Value Index.
According to REIWA’s 2023 property market quarterly update, house prices are anticipated to experience low to moderate growth this year, while unit prices are predicted to remain stable. The demand for homes remains robust, bolstered by a 2.3% population growth recorded up to December 2022, with a further 1.8% growth projected for 2023–24.
Cath Hart emphasised the ongoing construction of over 20,000 homes, which, upon completion, will introduce new supply into both the sales and rental markets. However, she assures that this influx won’t significantly dampen prices due to the steady population growth and the staggered completion of these homes.
Properties in Perth have been selling at a brisk pace, with a record median of just 10 days on the market as of June. On the rental front, the median house rent touched a record $580 per week by June’s end, a jump from $550 in December 2022.
With a consistent vacancy rate of 0.7% since the year’s start, property managers continue to witness high demand, with multiple applications for available properties. This demand is expected to keep rental prices elevated throughout the year, especially as fixed-term leases get renewed at current rates.
So, here’s our Perth investment guide and nine suburbs you may want to watch this year.
Located 15km south of the Perth CBD, Willagee is a favoured residential enclave with a population of over 5000.
According to realestate.com.au, the suburb sustained 12.9% growth in the past year, with the median price now at $745,000.
About 40% of the suburb is rentals. Houses lease for around $550 a week with a rental yield of 4.4% and units fetching around $450 a week with a yield of 6.9%.
Satterley’s community, Gallery at Willagee, is a small neighbourhood with appeal for young couples, downsizers and families. It joins Carawatha Park and has an immersive art trail through the public walkways, all on the doorstep of great schools, public transport, Murdoch University and shopping at Westfield Booragoon.
Joondalup, the amenities hub of Perth’s northern regions, boasts a suburban city vibe complete with a university, hospital, government establishments, shopping hubs, and a major transport junction.
This vibrant mix fuels a high demand for rentals in its residential zones, reflected in its impressively low vacancy rate of 0.4%. With a median house price pegged at $625,000, Joondalup has witnessed a growth of 6.1% over the past year and offers a solid rental yield of 4.6%.
Situated just 3.5km north of Joondalup City Centre, Satterley’s Myella, Wanneroo community nestles gracefully along the pristine edges of Lake Joondalup. Surrounded by lush bushland and in close proximity to top-notch local facilities, Myella offers an escape from the city’s hustle and bustle. Brimming with nature enthusiasts, this community presents the perfect blend of serene landscapes and contemporary conveniences.
Ellenbrook stands as the key suburb for services and amenities in the high-growth Swan council in Perth’s north-east. Boasting an array of schools, the bustling Ellenbrook Central Shopping Centre, and top-tier sports amenities, it truly is a vibrant epicentre.
Homes in this area have enjoyed a median valuation of approximately $466,500, complemented by an impressively low vacancy rate of 0.4% and a rental yield of 6.1%, based on figures from realestate.com.au.
A mere 8km north-east of Ellenbrook Shopping Centre, Satterley’s Clementine, Upper Swan community offers a blend of country architecture and urban sensibility. Boasting a variety of living options, from larger homestead-style lots to smaller sizes, complete with sprawling green spaces and modern amenities, Clementine is a place to savour life’s little pleasures.
Seville Grove in Perth’s south-eastern suburbs is being eyed as an affordable choice for property investors, first homebuyers and families.
Not only has Seville Grove seen 11.8% price growth in the past year, but REIWA has tagged it as Perth’s 10th fastest selling suburb (houses) and the 4th fastest leasing suburb (houses), with a mere 11 median leasing days on the market. The median price in Seville Grove is now $425,000.
In addition, there are decent rental returns to be had. Data from realestate.com.au shows houses are leased for $460 a week with an annual rental yield of 6.0% and units fetch around $370 a week with a rental yield of 6.8%.
New suburbs in Perth’s northern urban fringe are being considered a boon for buyers seeking some seaside solitude and potential price growth this year.
Alkimos, named after the shipwreck of the Greek freighter that ran aground on the coast nearby in 1963 and still sits 400m offshore, has been forecast as one of Perth’s biggest contenders for price growth this year after recording a 78% increase in sales volumes in 2021.
In the past year, Alkimos has seen a 11.2% increase in property values and now has a median price of $495,000.
On the rental front, houses generally rent for $500 a week with an annual rental yield of 5.8%, according to realestate.com.au.
Realestate.com.au data indicates that Eglinton has shown 13.3% growth in the past year and has a median property price of $495,000, while Jindalee has had price growth of 8.2% with the median price sitting at $685,000.
Eden Beach is set on the beautiful coastline, has a sensational foreshore playground as well as The Beach House beach bar and there is a proposed primary school planned for the area.
Allara, just 20 minutes’ drive to Joondalup, has been recognised by the Urban Development Institute of Australia (UDIA) as an environmentally sustainable development. It is also home to the incredible Kinkuna Park which lays claim to having Australia’s first musical barbecue, which works in conjunction with a unique children’s water wonderland.
Previously part of Landsdale, Madeley is 20km north of the CBD and was largely run by market gardeners until the 1990s before extensive property development started in 2001.
The suburb has seen 6% price growth in the past year and now has a median property value of $687,500.
For property investors, Madeley could be a lucrative prospect with houses renting for $560 a week with an annual rental yield of 4.8%, while units generally rent for around $480 a week with a rental yield of 5.5%, realestate.com.au data shows.
Eyes are trained on Forrestfield, in Kalamunda’s foothills, as a serious property option in 2023 after significant price growth in the past year.
Realestate.com.au data shows Forrestfield has seen 16.3% growth in the past 12 months and its median price now sits at $511,000.
The rental market is also promising with houses in Forrestfield leased for $500 a week with an annual rental yield of 5.3%, while units rent for $490 a week with a rental yield of 6.0%, according to realestate.com.au.
Satterley’s The Hales in Forrestfield has seen heightened interest from buyers.
Designed to retain the natural features of the site including native marri and jarrah trees and the nearby Crumpet Creek, the community is less than 5km from Perth Airport and is close to plenty of schooling options and public transport, including the new High Wycombe train station, which reached completion in October of 2022.
There is also a nature-based playground with a range of features largely derived from naturally sourced materials. The centrepiece is a 9m tall timber tower with a huge 14m tunnel slide, as well as an all-abilities double flying fox at ground level.
A spike in sales volumes in Wellard by 80% in 2021 has put the southern suburb at the forefront of expectations of solid property price growth this year.
Named by REIWA in its Top 10 Perth suburbs for probable price growth in 2022, Wellard has experienced 13.1% growth in the past 12 months, and now has a median price of $475,000.
On the rental front, houses lease for around $500 a week with an annual rental return of 6.0%, while units rent for about $390 a week with a rental yield of 6.9%.
Originally rural, the suburb has been developed and now includes a range of residential properties including traditional home sites and urban-like apartments.
Wellard also has a range of amenities including Peter Carnley Anglican Community School, Wellard Primary School, with another public primary school and middle school planned. It is also on the Perth-Mandurah rail line, making it a cinch to be in Perth in 30 minutes or Mandurah in 20 minutes.
A mere 6km northwest of Wellard, Satterley’s Cassia, Kwinana community presents an ideal fusion of contemporary lifestyle and affordable land options. Positioned 40km south of Perth’s CBD, Cassia stands as a hub with excellent connectivity, offering diverse residential choices.
With attractions ranging from the Kwinana Marketplace to the exhilarating Kwinana Adventure Park, Cassia is enveloped by vital facilities, making it a top pick for both families and savvy investors. Emphasising inclusiveness, varied backgrounds, and eco-friendliness, Cassia crafts an environment where every resident feels a sense of belonging.
A serene coastal gem within the City of Mandurah, Madora Bay has witnessed a notable surge in its property market. Boasting a median house price of $620,000, this suburb also enjoys a flourishing rental market, with $560 in weekly rent going for houses—a rental yield of 5.1%.
Renowned for its tranquil aura blended with a touch of community warmth, Madora Bay offers proximity to the bustling heart of Mandurah while preserving its quaint town essence, a legacy that began with its development in the 1960s.
Positioned in the heart of the established Madora Bay neighbourhood, Satterley’s Seaside community promises a dreamy beachside existence, complemented by a plethora of modern conveniences. Nestled along the captivating shores of Madora Bay, Seaside embodies a blend of beach-inspired elegance, infused with Scandinavian sophistication and the iconic WA coastal charm.
The community boasts a plethora of amenities, including a forthcoming Foreshore Precinct, an upcoming primary school, a myriad of shopping options, and direct access to a kilometre of untouched beachfront.