Looking to buy in the new year? There are bunch of prime coastal suburbs going for less than they were worth 10 years ago...
And it gets better…
These highly competitively priced suburbs are likely to see strong capital growth once the Perth real estate market gains further, making them not just a great buy - but a secure investment as well.
This summer, property buyers should be focusing on coastal suburbs in Perth with a median house price below $500,000.
In the coastal strip of Perth, the median price of a home in Butler has fallen by 9.7% over the past decade to $410,700. This represents a saving of around $45,000 in the purchase price of home in Butler compared to ten years ago.
In the southern coastal strip, the median price of a home in Secret Harbour has fallen by 14.3% over the past decade to $420,000 which represents a savings of $70,000 compared to buying in the same suburb back in 2007.
Other affordable Perth coastal suburbs where astute property buyers can purchase homes cheaper than a decade ago include:
Two Rocks (-20.3%),
Port Kennedy (-5.1%)
The Perth property market moves in cycles and after 10 years of stagnant and falling property prices, there are now strong signs that the local market is now in a recovery mode.
Coastal property has traditionally outperformed the overall Perth property market because of the strong focus on lifestyle in Western Australia.
Buying Coastal 101:
Our CEO Peter Peard, give his top tips on buying a coastal property.