WHILE prices across Perth continued to decline last year, Wembley Downs bucked the trend.
With strong growth of 8.6 per cent, it recorded a median house price of $1.1 million and was number one on Reiwa’s list of top 10 growth suburbs for the 12 months to December 2019.
There were 94 houses sold in the area during the year.
Ray White Dalkeith-Claremont sales executive Peter Kasten said buyer activity picked up significantly in the second half of 2019, to the point where demand outstripped supply of new properties coming to market, resulting in good sale prices being achieved.
“The most sought-after properties are family homes on blocks of land in excess of 700sq m,” he said.
“Buyers are happy to renovate if required.
“Subdividable blocks are also in demand and get a lot of attention when they come to market.”
Mr Kasten said Wembley Downs’ appeal lay in the trees, hilly terrain, proximity to the beach, city and good schools, with the wide range of properties on offer catering to families, downsizers, first-home buyers and investors.
“The most active buyers at the moment are those looking to upgrade and move into a suburb that has low-density housing and is close to schooling options,” he said.
With stock levels having reduced significantly, Mr Kasten said it was a good time to sell.
“Wembley Downs has a low number of properties for sale,” he said.
“Owners who are thinking of selling should consider doing this now rather than wait until April or September, as stock levels and buyer activity can change quickly.
“Taking action now will capture the growth that is occurring now.”
Reiwa’s top 10 list recorded price growth across Perth from Mullaloo (up 8.5 per cent) in the northern suburbs to Safety Bay (up 4 per cent) along the south coast and in premium and more affordable areas.
South Perth was the most expensive suburb on the list with a median house price of $1.35 million, while Safety Bay was the cheapest at $395,000.
With 142 house sales during the year, Karrin- yup was the top-selling suburb.