Perth homebuyers looking to trade up are now seeing more feasible opportunities in areas such as Peppermint Grove, Applecross, and North Coogee – three suburbs which topped the Real Estate Institute of Western Australia’s (REIWA) list of affluent suburbs that have become more affordable.
While these suburbs still hover above Perth’s median house price, they have become more affordable for buyers looking to trade up, according to Hayden Groves, president of REIWA.
Peppermint Grove saw the largest annual average change in its median house price over the past five years, shifting from $3,750,000 in April 2012 to $3,350,000 in April 2017.
While Applecross saw its median house price shift from $1,380,000 in 2012 to $1,265,000 in 2017, North Coogee saw its median house price shift from $1,250,000 to $1,155,000 over the same period.
“Buyers are looking for opportunities in areas with a good lifestyle scene, cafes and restaurants,” Groves said. “In particular, we are seeing buyers placing more importance on proximity to good public schools.”
“Suburbs such as Applecross, Nedlands and Peppermint Grove are within the catchment for some of Perth’s best public schools. Due to the easing off in median house prices of these suburbs, the opportunity is there to secure your ideal family home if you have the means.”
There’s also good news for sellers in Applecross, City Beach, Nedlands, and Peppermint Grove, as properties are selling quickly in comparison to five years ago.
“In 2012, it took on average 120 days to sell a property in Peppermint Grove for instance. In more recent figures, the average selling days for the suburb sits at 90 days. We are also seeing sellers willing to negotiate and discount their initial asking price to achieve a sale,” Groves said.
Related Stories:
