Upgraded suburbs proving favorable on the market

If there’s anything the top 20 suburbs for median sale price growth over the past two decades have shown us, it’s that the real estate market is hard to predict.

In the first four suburbs alone, there is a mixture of western suburbs, south of the river suburbs, regional and metropolitan areas.

At the top of the list is Willetton, followed closely by Medina, Pinjarra and Shenton Park.

Despite the vast difference in location, these suburbs all have one thing in common: over the past 20 years, their median sale price has increased by more than 300%.

According to REIWA President, Damian Collins, this shows how there is more to making money in properties than a simple formula.

“There are many different areas that can outperform the market for different reasons,” he said. “They all have something in common, which is that they have – to some extent – ​​been revalued by the market.

“20 years ago Shenton Park and Subiaco were still old style working class properties and that has been revalued by the market now so these old cottage style homes are highly valued.”

Willetton has seen a lot of development and growth, making it an attractive area for buyers, with decent public schools and easy access not far from town.

“Pinjarra and Medina came off a very low base, so they’re still not expensive at all,” Mr. Collins said. “If you look at their median prices in 2001 compared to the median prices in Perth, they were so incredibly cheap that people saw the opportunity.

“Pinjarra is almost, in some ways, a rural area, semi-rural in parts of the city.”

In 2001 a house in Pinjarra would cost you $80,000, now it’s around $349,500, which is a significant increase but still below Perth’s median sales price recorded for the December quarter of last year ( $525,000).

Raine & Horne Mandurah sales representative Randolph Watson, who has been selling property in Pinjarra for more than 10 years, said the town has seen many exciting developments over the past decade.

“With revitalized parks and malls, as well as exciting new property developments, it has become a sought-after place to live,” he said.

“The charm of the countryside combined with safe neighborhoods to raise your family, as well as local job opportunities, Pinjarra has seen many people throw away their city life to slow down and enjoy the peace and quiet.”

Over the past 12 months, the number of sales and prices of homes have increased and their time on the market has decreased.

Mr Watson said there had been recent interest and continued growth in the suburbs, which he had experienced firsthand.

“With land developments such as Kingston Fields and Murray River Country Estate being established, we are seeing more and more inquiries coming in daily,” he said.

“With future land releases underway and property prices rapidly rising, it’s an exciting time for this small town of Pinjarra.”

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