More than 50 WA suburbs defy ‘cooling market’ trend

MORE than 50 suburbs have had outstanding median price growth over the past year, despite data suggesting a cooling market.

Supplied Real Estate Balga

MORE than 50 suburbs have had outstanding median price growth over the past year, despite data suggesting a cooling market.

The activity hot spots are spread across the metropolitan area with multiple growth suburbs cropping up in the cities of Melville, Canning, Rockingham, Fremantle, Stirling and Swan.

The top suburbs bucking the trend were Fremantle, where units had 27.9 per cent growth in the 12 months to April, and Glendalough, where houses had 27 per cent median price growth, the latest figures from RP Data show.

In total, 59 suburbs had either median house or unit price growth of more than 15 per cent over the period.

Northern suburb Balga was the only area where both houses and units had growth of more than 15 per cent.

Fremantle’s median unit price has soared to $524,500 over the year with 121 sales.

Scoop Property director John Da Luz said the group’s sales were up 60 per cent on last year.

“Fremantle has a lot of change happening with the Myer redevelopment and hotel developments,” Mr Da Luz said.

“The place is getting cleaned up. A lot more executives and professionals are moving to town, which we didn’t have previously.”

Investors and owner-occupiers were buying, Mr Da Luz said.

Glendalough’s median house price rose to $565,000 over the year off the back of just 13 sales.

Altitude Real Estate agent Nathan Tonich attributed the rise to a strong demand for development properties in the area.

“You’ve got infrastructure with the train station and zoning lending itself to high-density development,” Mr Tonich said.

“A lot of people are buying houses with development potential.,”

Mr Tonich said the suburb had about 30 to 40 properties in an area between Harborne Street and the Mitchell Freeway, which was zoned for high density.

“High-density properties are still selling well,” he said.

“Some people are renovating and getting higher prices.”

Demand for properties in the $430,000 to $550,000 bracket had dropped off marginally since the stamp duty changes came into effect on July 1, but the market was beginning to pick up again, Mr Tonich said. He said the suburb’s demographic had changed over the past few years as more owner-occupiers moved in and rents increased.

Balga house and unit prices grew by more than 15 per cent.

TOP SUBURB UNIT GROWTH

● Metropolitan areas where units have had a median price increase of more than 15 per cent in the past 12 months. Source: RP Data. All figures for the 12 months to April 2014.

SUBURB	CHANGE IN MEDIAN PRICE	MEDIAN SALE PRICE	NUMBER SOLD	MEDIAN ASKING RENT	AVERAGE GPO DISTANCE
FREMANTLE	27.9%	$524,500	121	$450	15
SAINT JAMES	26.8%	$421,500	23	$410	7
SORRENTO	26.1%	$391,000	23	$525	17
BALGA	21.8%	$335,000	24	$380	11
ARMADALE	21.6%	$277,000	74	$295	26
SHENTON PARK	20.8%	$610,000	18	$488	4
MELVILLE	19.8%	$497,000	16	$398	11
KELMSCOTT	19.6%	$317,000	30	n.a.	23
WAIKIKI	19.6%	$342,000	22	$340	41
SCARBOROUGH	17.9%	$520,000	346	$430	11
SOUTH FREMANTLE	17.7%	$665,000	14	$520	16
NORANDA	16.6%	$380,000	31	$380	9
BALDIVIS	15.6%	$415,000	11	$395	41
KINGSLEY	15.5%	$410,000	19	n.a.	17
FORRESTFIELD	15.2%	$345,500	11	n.a.	15

TOP SUBURB HOUSE GROWTH

● Metropolitan areas where houses have had a median price increase of more than 15 per cent in the past 12 months. Source: RP Data. All figures for the 12 months to April 2014.

SUBURB	CHANGE IN MEDIAN PRICE	MEDIAN SALE PRICE	NUMBER SOLD	MEDIAN ASKING RENT	AVERAGE GPO DISTANCE
GLENDALOUGH	27.0%	$565,000	13	$505	5
ALKIMOS	26.7%	$532,000	53	n.a.	41
COOLBINIA	25.8%	$1,085,000	32	$550	4
ROSSMOYNE	25.7%	$1,138,000	47	$600	10
EAST CANNINGTON	25.1%	$544,000	107	$450	11
HELENA VALLEY	25.0%	$700,000	51	$520	17
CARDUP	25.0%	$850,000	10	n.a.	35
GOLDEN BAY	25.0%	$425,000	56	$370	53
RIVERTON	23.9%	$700,000	99	$493	10
KENWICK	23.4%	$419,500	130	$390	15
WEMBLEY	23.1%	$1,107,500	123	$710	5
SWANBOURNE	22.3%	$1,670,000	73	$863	9
MURDOCH	21.1%	$886,000	11	$650	12
SALTER POINT	21.1%	$1,250,000	33	$693	8
JOLIMONT	21.0%	$1,015,000	10	n.a.	5
BRENTWOOD	20.6%	$745,000	27	$490	10
EDEN HILL	20.6%	$470,500	72	$440	11
ALFRED COVE	20.4%	$855,000	54	$548	10
CLAREMONT	19.6%	$1,525,000	107	$1,150	8
SHOALWATER	19.4%	$513,500	92	$375	40
BATEMAN	19.1%	$780,000	55	$550	11
JARRAHDALE	19.0%	$485,000	25	n.a.	47
KEWDALE	18.8%	$557,000	105	$430	7
BALGA	18.1%	$425,000	439	$400	11
WATERMANS BAY	17.9%	$1,179,000	22	$565	15
WEMBLEY DOWNS	17.5%	$1,060,000	134	$650	9
KOONDOOLA	17.4%	$405,000	70	$385	12
BROOKDALE	17.3%	$320,000	65	$380	27
LOCKRIDGE	17.0%	$385,000	80	$390	12
VIVEASH	16.9%	$520,000	15	$488	16
MOSMAN PARK	16.7%	$1,400,000	132	$875	11
PEPPERMINT GROVE	16.7%	$3,500,000	27	$1,500	10
JANDAKOT	16.5%	$740,000	53	$550	17
MYAREE	16.5%	$740,000	39	$475	11
MUNSTER	16.5%	$580,000	60	$480	20
HENLEY BROOK	16.0%	$530,000	49	$505	20
LYNWOOD	15.9%	$475,000	85	$410	12
FERNDALE	15.8%	$492,000	105	$400	11
SAMSON	15.6%	$650,000	27	$550	14
GIRRAWHEEN	15.4%	$404,000	187	$390	13
COMO	15.3%	$920,000	186	$615	5
HIGHGATE	15.2%	$910,000	11	$580	2
NORTH FREMANTLE	15.2%	$1,100,000	55	$820	13
CAVERSHAM	15.1%	$495,000	64	$460	14
HILLMAN	15.1%	$328,000	38	$350	38