Top Perth suburbs to invest in 2023

best-places-to-invest-in-Perth-in-2023.jpg

Perth is one of the markets that has weathered the first wave of the market slowdown early in the year.

Licensee of We Love Rentals, Brendan Leahy (pictured) said with migration not slowing down over the coming year, Perth will continue to progress, especially on the back of a steady job market.

brendan-leahy-headshot.jpeg

“With interstate investors realising Perth property is in high demand due to a tight rental market, there is still a lot of competition for properties, and we can’t see that slowing anytime soon,” he told Your Investment Property.

Mr Leahy said investors who are planning to enter the Perth market next year must do their research first by reaching out to local agents.

“The Perth property market is still steady, so investors will need to be willing to move quickly to secure their next investment,” he said.

Here are Mr Leahy’s picks for the suburbs to watch for in Perth in 2023:

Top Perth suburbs to invest in 2023

1. Mount Nasura

Located just outside the city centre, Mount Nasura is one of the suburbs to watch out for. On top of its gorgeous views, the suburb makes hill living convenient. Mount Nasura has great rental potential for young families, given the suburb’s proximity to many great schools.

  • Annual price growth: 7.7%

  • Median house price: $490,000

  • Median rent: $440

  • Rental yield: 5.3%

2. Kelmscott

Sitting between many parks and reserves, the quiet suburb of Kelmscott provides potential residents with everything they need — the suburb functions as a mixed-used residential, industrial, and commercial area. Kelmscott has four local schools, a train station, and plenty of amenities.

  • Annual price growth: 8.5%

  • Median house price:  $370,000

  • Median rent: $375

  • Rental yield: 5.3%

3. Armadale

Armadale houses a blend of residential and commercial properties which creates a great suburb with convenient amenities and transport. Armadale is an ideal suburb for investments given its high rental demand and affordable property prices.

  • Annual price growth: 11.2%

  • Median house price:  $289,000

  • Median rent: $360

  • Rental yield: 6.3%

4. Southern River

Dubbed the ultimate family-friendly suburb, Southern River has plenty of parks and preserved wetlands. Southern River is one of the most in-demand markets for rental properties, making it a great option for investors.

  • Annual price growth: 10.2%

  • Median house price:  $635,000

  • Median rent: $505

  • Rental yield: 5.0%

5. Roleystone

Roleystone is a rural suburb surrounded by parklands and orchards. Over the past year, only 16 properties were on the market, which all leased within 15 days. It has great rental potential and is considered a hidden gem for savvy investors.

  • Annual price growth: 11%

  • Median house price:  $660,000

  • Median rent: $525

  • Rental yield: 4.1%

Your Investment Property’s Suburbs to Watch 2023 series:

-

Header photo by Tourism Australia on Canva.