Northbridge ticks all the boxes

Research undertaken by PropertyESP of the Northbridge area for the past 5 years demonstrates that this suburb is perfect for investors.

With a balanced rental market and 4% yield, this locale is one of the best performing apartment markets currently in Perth.

Analysing a total of 1136 sales, the research found some very interesting trends.

Those apartments located between Lord and Beaufort Streets in particular, demonstrated 4% median price growth over the last five years, also representing over a quarter of the sales.

Two bed and two bath dominated the sales (55%) with a median sales price of $550,000.

This area is also dominated by commercial and this definitely had a positive impact on pricing in contrast to other apartments in the entertainment precinct.

Properties have also been held onto tightly with only 33 resales in the five year period.

Close to the newly completed Yagan Square and with vibrant events such as Fringe Festival now on the calendar, Northbridge has certainly become a sought after address.

And as for investors, with 66% of the population renting in Northbridge, the figures add up to representing a good investment option indeed, especially in light of the Melbourne and Sydney markets now coming off the boil. And trends from ABS also demonstrates that close to 90% of households are singles or couples with a media household income of $1767/week.

When considering a property investment you certainly want a competitive price, strong rental market and signs of price growth and in this equation, Northbridge scores 100%.

For further suburb analysis contact the team at PropertyESP – we make sense of property!

 

 

Renters seek more

The WA Apartment survey – the first of its kind in WA – recently interviewed 113 renters who have shown that while apartments are their preference, they are seeking more in terms of amenities and space.

The survey showed that 39% moved from a house into an apartment and went from 2-3 bedrooms to 1-2 bedrooms.

However when asked what they would choose next, while 73% said they would consider an apartment, their preferences were clearly for 2-3 bedrooms.  This linked to the fact that 20% were using a bedroom as a study/home office.

Convenience was also a major driver when choosing an apartment, with 91% of the renters in walking distance to public transport, 90% to cafes, 86% to a grocery shop and 84% to services such as hairdressers.

Renters also tended to look first for apartments in Perth, East Perth and West Perth before then expanding out to encompass Mt Lawley, South Perth, Highgate, Subiaco, Leederville and Northbridge.  This was because most renters wanted to have a direct route to work, with 86% stating the travel time to work influenced their decision when choosing an apartment.

84% also indicated that safety and security was a major influence in their renting decisions along with being able to lock up and leave, low maintenance and affordability (75% respectively).

However what was also interesting, was that while 44% had no prior experience living in an apartment, 82% would still recommend apartment living.

There is no doubt that apartment living is becoming an evolving trend for renters, but just like owner occupiers – bigger is better!

If you are keen to learn the full results of the WAAA survey (and guarantee your investment success) contact Samantha Reece on 0452 067 117.  You can be assured you won’t find this level of information anywhere else!