I thought the Perth area was doing well

Originally posted by 6151 ↑

@GreatWA - and specifically, on South Perth... I love the "predictably topping the list" on it..

https://thewest.com.au/lifestyle/re...ll-holding-their-own-a-decade-later-c-2610243

Investors with property in some of Perth’s best performing suburbs can breathe a sigh of relief, with real estate agents claiming the city’s top five neighbourhoods between 2009 and 2019 largely survived the economic turmoil of 2020.
In January 2020, before the effects of COVID-19 had impacted our shores, REIWA named South Perth, Kallaroo, Willetton, Shelley and Ascot at the top of the list for the biggest growth percentages over the prior decade, each recording an upswing of more than 30 per cent in median sale price over the period.
Over the course of 2020, Willetton, Shelley and Ascot each continued an upwards trend with positive spikes of 2.6 per cent, 4.5 per cent and 31.9 per cent respectively, while South Perth and Kallaroo experienced declines of seven per cent and 3.6 per cent.
Despite the slight downswing in home values for the latter two, real estate agents in those suburbs promise local market activity is strong and rebounding.
SOUTH PERTH

Predictably topping the list from 2009 to 2019 was beautiful South Perth, which Bourkes Sales Executive Tony de Graaf said had always been popular for its premium location, prestigious schools, riverside lifestyle and entertainment precincts.
The median sale price shot from $995,000 to $1.35 million in a decade, representing a 35.7 per cent surge, and has remained in high demand throughout the last 12 months.
“Housing stock levels are currently at all-time lows, so buyer activity is far more concentrated than what we have experienced over the last few years,” Mr de Graaf said.
“As an example, we are now sitting at around 8600 listings statewide versus 16,000 at the start of 2019.
“Buyer demand is also buoyed by a strong local economy and record-low interest rates, giving confidence at all levels of the purchasing market.
“If these factors remain then we will continue to see properties sell quickly and for good prices.
“For example, 35 Ranelagh Crescent launched in late March and has seen a lot of interest.
“I have had 24 buyers through in one week. It sold in 2017 for $1.925 million but we are now asking from $2.29 million, with current buyer interest above that number.”
KALLAROO

In the northern coastal suburb of Kallaroo, a 32.4 per cent shift over the previous decade saw median home values jump from $540,000 to $715,000.
Realmark Whitfords Director Jonathan Alsford said people were largely drawn to the beachside community because it was sandwiched between well known suburbs Mullaloo and Hillarys, but was the more cost-effective option of the bunch.
Describing the hidden gem as “previously overlooked”, Mr Alsford said high buyer interest was unlikely to slow.
“It offers all the coastal pleasures and local amenities but, until recently, at a lower price,” he said.
“St Mark’s Anglican School and the extended Westfield Whitfords City have fuelled the attraction for buyers, along with larger blocks to the west section.
“The last two listings that changed hands at the end of March sold within days, with multiple offers being received and our list of awaiting buyers growing daily.
“My expectations for the future are continued growth fuelled by demand, some subdivisions to the east section, families moving across to the west section and renovating the older homes.”
WILLETTON

Rounding out REIWA’s top three was Willetton, a suburb in the City of Canning perhaps most renowned for its top ranking school.
Willetton Senior High School is regularly in the media for its academic successes to rival any elite private school, and in 2019 was handed top spot in The West Australian’s list of Western Australia’s best schools.
Though Willetton is rich with other sought-after amenity, Assure Property Group Real Estate Agent Sharon Lau said it was definitely the high school that was attracting people to the area.
“The school is the main reason,” she said. “Everything else is secondary.
“You have a lot of established families with teens buying into the suburb to get into the Willetton Senior High School catchment and even families with preschool-aged children, babies, or married couples yet to have kids are buying homes.
“They all see a future here and they want in.”
Willetton enjoyed a 31.6 per cent leap in sale prices over the previous decade, with values catapulting from $515,000 to $677,500.
Ms Lau said buyers were still clamouring for liveable, established houses rather than homes that needed extensive work or demolition and she was sure this trend would continue.
“I think it will still be going strong well into the future,” she said.
SHELLEY

Also a City of Canning standout was the riverfront neighbourhood of Shelley, which has long been known as an “upgrade suburb”.
The leafy enclave clocked a $670,000 to $880,000 price boost representing 31.3 per cent in positive sales movement, with Harcourts Focus Senior Associate Ross Cleaver predicting there was more to come.
He said Shelley had always been on the local radar of people living in surrounding suburbs, who often ended up selling their houses to buy into Shelley, live along the river and still be within the same catchment zone for Rossmoyne Senior High School.
“It’s a good upgrading and lifestyle suburb, and pretty much like living in a village,” Mr Cleaver said.
“There’s no major developments, just peaceful community living with your village shops, restaurants, cafes, schools and sporting facilities.
“It’s 100 per cent still going strong.”
Mr Cleaver said an example of impressive market activity was the recent sale of 5B Tribute Street West, a two-by-one semi-detached duplex with a 1970-80s style one street back from the river.
The renovated home on a 511sqm parcel sold within one week and fetched $749,000.
Mr Cleaver said the market had been in a whirlwind and he expected that to continue.
“Heading into the next two to five years, we expect to see a fair bit of quarterly growth add up,” he said. “Not just in Shelley, but in all the surrounding suburbs.”
ASCOT

Named after Perth icon Ascot Racecourse, this patch on the southern bank of the Swan River was the last Perth suburb to see a favourable 30 per cent swing over the decade.
REIWA data showed a 30.7 per cent leap for Ascot, along with a jump in median value from $505,000 to $660,000.
Cardinal Realty Director Claudia Melia said the suburb had always been a popular lifestyle choice for buyers who enjoyed its city proximity, riverside location and diverse building stock for a variety of demographics, particularly young professionals and empty nesters.
She said general decline in property over the years had made Ascot more affordable, and demand for a well-positioned, yet comparatively inexpensive suburb, had now contributed to rising values.
She said this trend had carried on throughout the last 12 months.
“When a property becomes available, it is quickly sought after by qualified buyers,” Ms Melia said.
“The ‘time on market days’ have shortened dramatically compared to say a year and a half ago and seller discounting has significantly reduced.
“In recent months, a big increase in property sales in the Perth Hills has been recorded, which is a popular source for the buyer demographic.
“This means those downsizing have been freed up to make the decision to purchase.”
Ms Melia said stock remained low but certain demand would keep soaring, leaving her optimistic local home values would be sustained throughout the remainder of 2021.

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To be honest those returns are rubbish. 36% over a decade just shows how poorly Perth has performed compared to Melbourne, Sydney and Adelaide. Massive amount of property B/S hitting the news lately. Yes there are shortages of rentals, yes prices are rising BUT most outer fringe suburbs are selling at a loss. Hopefully we can have sustained rises over a long period rather than booms and then bust.