News

3 minutes reading time (659 words)

Finding affordability in Perth’s middle ring

Finding affordability in Perth’s middle ring

By WARWICK HEMSLEY

While the residential property market in Perth is sluggish, affordability remains a significant issue, especially considering the growth in prices that WA experienced during the boom. We know it can be tough, but there are still areas that provide value for money at a reasonable price point. 

Recent data from CoreLogic RP Data pinpoints the top five affordable areas by median price in Perth’s middle ring (10 to 20 kilometres from the CBD). QWest Paterson investigated how they stack up in terms of real value for money:

Koongamia

This small suburb tucked away in the City of Swan topped the list of affordable, middle-ring areas. With a median price of $375,500, Koongamia is significantly cheaper than neighbouring Helena Valley, with a median price of around $635,000. The higher value of a neighbouring area like Helena Valley could have a positive impact on future price growth in Koongamia as it is well documented that higher value suburbs can lift the value in neighbouring areas due to spillover demand.

Koongamia is within close proximity of the Midland town centre, where current redevelopment will transform it into an employment hub including a new hospital as well as government departments, retail and other services. Midland has a train station, which provides Koongamia with a convenient link to the Perth CBD.

Koongamia provides an excellent prospect for young families seeking an affordable home on a decent sized block. The suburb has experienced nine per cent average growth over the past 10 years and 5.4 per cent in 12 months.

Gosnells

The City of Gosnells has been working to revitalise the town centre and has provided a significant investment into amenity in the local area.

With an average median house price of $385,063, the suburb of Gosnells provides value for money with good connectivity to the city via the local train station and there’s an abundance of public open space in the surrounding area including wetlands, nature reserves and parks. The new, 24-hectare Mills Park recreation space will add further attraction to the area once it’s completed in 2017.

Gosnells house prices have increased by 4.8 per cent in the past year and 8.5 per cent in 10 years. New land development in the area is helping to lift overall values and provide a range of affordable house and land packages.

Stratton

A median price of $388,200 puts Stratton in the number three ranking. Located close to the Swan Valley wine region, Stratton offers similar location and lifestyle opportunities to Koongamia.

The Midland redevelopment will again have a positive influence on this area as employment options improve, and the suburb has experienced positive growth in the last 12 months, which is likely to continue.

Maddington

Maddington is located within the City of Gosnells and has benefited from the same revitalisation as the suburb of Gosnells. With a median price of $389,031, the area has also experienced positive growth with a 6.2 per cent increase in house prices in the past year and 8.8 per cent in 10 years.

Maddington’s located along the Canning River, providing public open space and access to semi-rural style living in some pockets. Recent new housing developments have lifted the residential population and provided increased amenity to the local area.

The Maddington train station provides a travel time of just 20 minutes to the CBD.

Lockridge

Located in the City of Swan, another former state housing site rounds out the top five. Lockridge is in close proximity of riverside Bassendean, including the train station. With a median price of $392,684, this is another location where a good-sized block and home can be purchased for well under the Perth median.

About Warwick Hemsley

Chairman of QWest Paterson Valuers, Warwick Hemsley is a graduate of both UWA and Curtin University (formerly WAIT) and is also a licensed valuer and Fellow of the Australian Property Institute.


Fatal error: Call to undefined function article_series() in /home/apimagaz/public_html/wp-content/themes/jarida-child-theme/single.php on line 166
Original author: Warwick Hemsley
Depreciation on residential buildings – why 1985 d...
Utilising the margin scheme when selling new resid...
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Monday, 09 December 2019
If you'd like to register, please fill in the username, password and name fields.

Top Articles

Random Posts

Translate Site

Company

LINKTOSALE.COM.AU PTY.LTD.
ABN: 77 626 273 050
Perth, WA 6036

Subscribe To Our Newsletter

0
Shares
Cron Job Starts