Real Estate in Perth: Trends and Market Information

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real-estate-in-perth

From the Sydney Opera House to the Gold Coast, Australia is on everybody’s radar. Its location within the world leads to influence from a wide range of cultures throughout the globe. That’s what gives Australia its unique identity.

Perth is one of Australia’s largest hubs of commerce, population, and culture. Whether you live locally or you’re relocating to the area, buying real estate in Perth is a great decision.

In this article, we’ll go over the trends and market information surrounding Perth real estate to help you make the most well-informed decision for you and your family.

Find Real Estate in Perth

The Australian housing market has been declared to be in a “boom”. House prices within the territory are soaring.

House prices are up 2.8% in March. This is the largest increase the country has seen since 1988.

Perth is no different. Housing prices continue to increase, and development projects are popping up throughout the city. Developers are currently pushing for approval of highrise, higher-density units along the Applecross riverfront.

Residential home prices are experiencing unprecedented growth as well. A home in South Perth sold at auction for AUD 2.852 million.

The sale price is even more amazing when you consider the fact that the original owners purchased this property for 1500 pounds back in the 1950s. The owners will admit, though, that this land was nothing but an undesirable swamp back when they bought it. Talk about having a vision!

The most surprising thing about the price tag is that it’s not even the highest in the area. That title belongs to another property that sold for a jaw-dropping of AUD 8.42 million.

This particular property was a development site within South Perth. This falls further in line with the trend of increasing development of real estate in Perth, Australia.

Areas to Consider

If you’re looking to start a life, or settle down further in Perth, here is a rundown of some of the best real estate in Perth.

East Perth is known as the most lifestyle-friendly suburb. Its location right on the Swan River places it close to the river, beach, schools, and parks. Residents of East Perth are close enough to downtown Perth that commute times are manageable.

Highgate is a suburb that comes in as a close second to East Perth. Highgate is one of the best value locations for future home-buyers.

This neighborhood is located 12 miles from downtown Perth. This is close enough to make your morning commute a walk in the park.

Plus, moving 12 miles outside of the city comes with some pretty amazing perks. Most notably, almost a 50% reduction in average home price!

Home Prices in Perth proper average AUD 700,000, whereas in the suburb of Highgate, homes sell for AUD 357,500 on average.

For a more in-depth breakdown of what neighborhoods provide the best value visit vividpropertyperth.com.au.

Talk With The Pros

There you have it. A quick, concise, well-rounded view of real estate in Perth.

If you are seriously considering a move to Perth or moving from renting to owning within the area, it helps to talk to an expert.

For more information on real estate, business, life, and much more visit our website.