Suburb Profile – South Perth
The South Perth foreshore and peninsula wrap around Swan River offering one of Perth’s most renowned and spectacular views from Kings Park, the CBD Skyline to the Eastern aspect of the Perth Hills.
Almost a quarter of the City’s land area is classed as parks and gardens, it is renowned for its leafy green parks and wide-open spaces, the parks and reserves within the City enable the community to enjoy the outdoors and social opportunities they bring. The Perth Zoo is also located within South Perth.
South Perth is the ideal location only 4km from the CBD together with neighbouring suburbs of Como, Kensington, Manning, Victoria Park also benefit from the prime access to freeway entries, Narrow’s Bridge, the Causeway and the popular ferry service into Elizabeth Quay.
South Perth has at it’s doorstep some of the best schools in Perth, Wesley College, Penrhos College, St Columbas & South Perth PS.
Current Activity – South Perth
As of February 2020, the median house price for South Perth is $1,150,000 and the median unit price $560,000. For the 12 month period houses have grown by 1.7% and units by 1.8%, based on the latest sales information, we would expect the median price to increase again once new data is released.
These house prices have been made up of the following sales data to date in 2020.
Price No. For Sale No. Sold No. Under Offer
0 – $1 M 3 6 4
$1M – $2M 18 7 2
$2M – + 8 2 3
As we can see from the numbers above, houses below $1 million, are currently in short supply with limited new listings coming to the market. Most of the properties in this price range will be located on arterial roads or older style cottages ripe for renovation or demolish and build.
Currently the most available houses on the market is within the $1M to $2M band, with the highest proportion in the high $1 million. We have also seen increased activity for properties priced over $2 million recently, within that segment of the market.
Approx 2.5% of houses are currently on the market with a median gross rental yield of 2.7% and vacancy rate of 2.8%.
There has been 49 unit sales in South Perth this year with prices ranging from $245,000 to $5.75 million on the South Perth foreshore. The majority of unit sales have been within the $400,000 – $600,000 band.
Units in South Perth may be negatively impacted with greater supply due to short term rentals demand reduced.
Como
As of February 2020, the median house price for Como is $885,000 and the median unit price $460,000. For the 12 month period houses have grown by -1.8% and units by 2.2%, based on the latest sales information, we are not expecting a significant change to the median price.
These house prices have been made up of the following sales data to date in 2020.
Price No. For Sale No. Sold No. Under Offer
0 – $1 M 17 23 6
$1M – $2M 12 6 4
$2M – + 4 0 1
The predominant market in Como is under $1 million with 60% of activity being represented in that range, but this segment of the market is also getting harder to source, depending on location. Most house sales are within $800,000 to $1.2 million.
The $1M to $2M band is fairly balanced, with a reasonable number of properties. Sellers may get away with a good price if they find a poorly researched buyer.
Approx 2.5% of houses are currently on the market with a median gross rental yield of 3.0% and vacancy rate of 2.5%.
There has been 55 unit sales in Como this year with prices ranging from $230,000 to $630,000.
The majority of unit sales have been within the $400,000 – $600,000 band.
Kensington
As of February 2020, the median house price for Kensington is $950,000 and the median unit price $406,500. For the 12 month period houses have grown by 5.2%. There hasn’t been enough unit sales to determine a price change.
These house prices have been made up of the following sales data to date in 2020.
The predominant market in Kensington is under $1 million, this segment of the market is prime for renovation, most owners in this tightly held market will hold on to the property longer term.
The $1M to $2M band is in low supply, most of the properties in this price range have been renovated or newer houses. Sellers are in no panic and buyers are making decent offers. This is a healthy market for investors. Demand is ahead of supply but not alarmingly. Buyers are rarely able to get away with low-ball offers. Sellers are usually getting the prices they ask for. Expect growth to exceed the national average.
Approx 0.9% of houses are currently on the market with a median gross rental yield of 3.0% and vacancy rate of 1.0%.
There has been 2 unit sales in Kensington this year with prices ranging from $355,000 to $365,000.
Kensington is in short supply for the most sought after properties, it also has a good flow on effect from surrounding South Perth. Many long term residents will proclaim Kensington is a better suburb for families.
Where to from here?
In all of these markets a good fully qualified Buyer’s Agent can help navigate through current market volatility and uncertainty. With access to more property, including off market opportunities and at times to suit your needs. We are all time poor these days, devoting enough time to research, inspect enough properties to make the right decision. Buyer’s Agents are expert negotiators and can take care of the entire process.
Please contact us before you make your next property purchase, we are ready to help you make good decisions.
https://resolvepropertysolutions.com.au/contact/
contact here 0401 774 715 or info@resolvepropertysolutions.com.au
