CBA Ups House Price Growth Expectations But Fails To Meet Westpac’s Optimism
The Commonwealth Bank has revised its property price forecast for 2021 on the back of strong growth in February and Marc...
Property investors enjoyed capital gains of 4.23% over the last 12 months in SCARBOROUGH, translating to lower returns compared with its peers in WA.
Figures from the previous quarter show that capital gains for real estate buyers in SCARBOROUGH are high, as opposed to average gains per annum over the past five years.
The suburb posted a 2.07% growth in median prices over a three-year period. This is considerably lower than the gains it recorded over the past year.
This number can mean, real estate investors could earn a rental income of $530 based on current median home prices for the suburb.
On average, rents on listings have reached the $530 mark, reflecting a 3.72% increase in returns based on the current median price in SCARBOROUGH.
SCARBOROUGH, 6019 ranks 248th in WA in terms of median property value increase and capital gains, based on year-to-date figures.
While it ranks 319th on the list of best yielding suburbs for rental properties in WA, posting a 3.72% return.
A slew of multimillion-dollar projects connected with Scarborough’s redevelopment have put the seaside suburb back on track as one of the real estate hotspots to watch. Old properties along Scarborough beach have been snapped up by developers, some of which would be the site of skyscrapers intended for mixed-use developments. The suburb will also see the construction of five-star hotels, apartments, lifestyle hubs and a public car park.
Situated along Perth’s Sunset Coast, Scarborough boasts a coveted coastline that stretches to infinity. Surfers are drawn to its dazzling, azure waters, which promise a nice swell. The suburb is also popular for its beachside nightlife and culinary scene, where tourists often find their way to. Tourists staying for the night have a number of bed and breakfasts in Scarborough to choose from.
Price range and forecasts
Multi-family properties in the past year, especially three-bedroom apartments, are popular among buyers due to their affordability. A great percentage of dwelling spaces in Scarborough consist of semi-detached homes or townhouses, followed by detached houses. At the moment, however, it remains to be seen whether flats or apartments would someday overtake the former in terms of popularity. This is because construction for a number of high-density properties is still underway.
The median unit prices in the past five years have risen by an estimated 11 per cent to 15 per cent. The beachside suburb’s median home price is at $760,000, while units usually cost $490,000, based on our market data.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||4.23%||1.67%|
|Median 3 years||2.07%||-9.76%|
|Median 5 years||-0.67%||-12.1%|
|10 years average annual||0.03%||0.1%|
|Weekly media advert. rent||$530||$400|
|Time on Market||50.7 days||56.0 days|
|Gross Rental Yield Percent||3.72%||4.55%|