5 key changes sought to drive WA property market
Politicians are being urged to make real estate a key focus of elections, in a bid to create a fairer and more prosperous market. ...
Property investors have seen a 1.74% gain in SOUTH PERTH based on an increase in median home prices for the past three months.
Based on its average 5-year and quarterly capital gains SOUTH PERTH, 6151 saw average growth in the long term.
The WA suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.Investors saw the median home price rise to $1,170,000
Profits averaged 1.8% per annum over a 3-year period, due to an upward trend in home prices in SOUTH PERTH, 6151.
This means, real estate investors could earn a rental income of $550 based on current median home prices for the suburb.
The gross rental yield in SOUTH PERTH, 6151 is 2.44%.
An average of 7.5 real estate transactions take place per month in SOUTH PERTH which translates to 90 per annum.
Unsaturated and laid back, South Perth provides visitors and residents plenty of room to mill about and take in its leafy spaces, charming streetside cafes and shops, and riverside view. That’s the irony of it: South Perth lies on the opposite side of the central business district, and is home to high-density, multi-family properties.
Tourism
South Perth enjoyed a rise in tourist receipts as the whole of Western Australia grew in popularity among Asian travellers. Perth in itself is blessed with a beautiful, far-reaching shoreline, making South Perth a convenient jump off-point to explore the best beaches in the capital. The suburb, meanwhile, is home to a relaxing foreshore that encompasses several kilometres of open green space, a dockyard, cycling and walking tracks, and reserve.
With a thriving art and culture scene that continue to gain full support from the government, as well as the local council’s initiatives to develop its lifestyle hubs, it’s no wonder that tourists are training their gaze on the burgeoning hotspot. South Perth is also an epicurean’s dream, boasting the best places to eat anything from home-cooked ethnic fare to fine dining.
Real estate environment
Residents believe that the establishment of new precincts in South Perth will liven up the local real estate economy. Currently, the median home price in South Perth is not for the faint of heart at over $1 million; units, on the other hand, sell at $550,000. While growth is not yet eyebrow-raising, the government and real estate professionals are banking on infrastructure works to drive further expansion in the city.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $1,170,000 | $545,000 |
| GROWTH REPORT | ||
| Median Quarterly | 1.74% | 0.93% |
| Median 12 month | -5.84% | -3.54% |
| Median 3 years | 5.41% | -6.03% |
| Median 5 years | -6.4% | -9.17% |
| 10 years average annual | -0.03% | -0.38% |
| Weekly media advert. rent | $550 | $375 |
| Time on Market | 75.7 days | 92.5 days |
| Gross Rental Yield Percent | 2.44% | 3.58% |
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