plumber39

When we were in Perth 2 month,s a go lookng around Hillarys,house prices seemed to be spiraling. Have they settled down a bit ?

dpr21

Well depends on your frame of reference. In general the median house price in Perth, as a whole, has shown a steady annual rise over the last few years (rather than going ballistic like the East Coast). Like everywhere, there are areas that have gone up quite a bit. However last weekends Sunday Times showed a list of the top 100 areas in Aus i.t.o. price rises and I am fairly certain there was not a single suburb in Perth that made the top 100.

DPR

pommie bastard

Not at all the market is being driven by low mortgage rates and people like yourself who are bring cash with them.
You will get what you pay for location is everything , near the beach or river will cost sea or river veiws do not come cheap .
Go a few streets back and prices come slightly down but so do the home styles , and bigger the house the more it costs to run paying for it is only half the costs get a house that is in line with your job living beyond that will not get you anywhere.

scoobydooathome

Also the estate agents in and around Perth only see a possible rise of between 5 and 10 % this coming year at the best, mind you nothing compared to the UK we have seen our property go up by more than 40 % in the last 18 months, silly isnt it ...

mad actually and people pay these prices too ...

Shikse

What kind of house price range are we seeing in Hilarys at the moment. I recall seeing average prices of four/five beds at around £100,000/£120,000 a couple of years back? Can you get anything for this price now?

Perth Helena

In the last Property Report (published in West Australian quarterly), for the September quarter 2002, the median price in Hillarys was $295k. The highest price was $1,380k. The suburb posted a 7.4% increase over the past 12 months. The average % change over the past 5 years has been 12.1%.

The homes in the older area of Hillarys will be below the median. Most may need some updating, unless you don't mind the older 1980's sort of decor/features. For something newer you're looking at the high $300k's and up. There's a new development in Hillarys called Harbour Rise. Lovely display homes. Very expensive though - $800k+ and the blocks aren't all that big, so you've got wall to wall massive structures shoulder to shoulder with each other. Not my style.

Good luck,

Helena

pommie bastard

Not all aeras in Perth are the same some have gone up by 20% or more , the rises in Sydney equal that of UK and will in turn pull up the rest of the Australian market.
Over the last 2 years some areas near the City, river and beach are out of reach for most working people , if the mining picks its self up prices will zoom , there is also high hopes that the oil and gas industry will draw in more punters .


But the steady rise in property values shows that homebuyer confidence remains high. The annualised growth in the Perth median house price has consistently been around 12% for most of 2002.

pommiesheila

Hi - any idea where I could find that list of 100 top areas - does the times have a website or anything like that - or was the article quoting from a report published elsewhere? Would be interested to know, just curious!

pommie bastard

Look at this site its the REIWA everything you want to know and more.

http://www.reiwa.com.au/content-home.cfm

Shikse

Hello Helena

Does the 'location, location, location' adage, apply to the Australian housing market as much as it does in the UK? Are 80's built housing in Oz generally undesirable, wherever they are located? I would personally prefer to buy a smaller 'dump' in a better suburb than something big and newer elsewhere, with a view to do it up and extend it, etc, etc.

Thanks Shikse

pommie bastard

Of course it matters but most older houses in good areas are very pricy in Perth , looking at the standard of some of the dog boxes being thrown up now I can see why most will not last 30 years if that.

Perth Helena

Definitely. Location is the Holy Grail here as well. The little old fixer-upper in Hillarys or other desirable suburb won't fetch as high a price as something newer, but if you don't mind the chaos & mess for a while & can manage a lot of it yourself, you can come out better I think. The older homes are almost always on larger blocks, so extending is a good option. They're building on smaller and smaller blocks now, with two-storey homes being quite popular. 400sqm isn't that uncommon anymore. We're on a 780sqm block in Sorrento. 400 for me is far too small. May as well live in a townhouse or apartment. The 80's or 70's houses can be a range of anything from yuk! to tacky to okay. Sometimes it'll just need to have the wild and groovy carpet in the lounge pulled up, or the exposed brick walls plastered, or the avocado green light fixtures changed. Most times they'll have only one bathroom, and it'll need some work, or an entire gutting. Oftentimes the kitchen needs work. Renovating didn't seem to be very popular here until quite recently. Now it's a booming industry.

I think your philosophy of buying smaller and older in a good suburb is very smart. This worked great for us in Canada. We fixed up two older homes which had been butchered and defiled by previous "renovators", restoring them to their old charm and sold both for large profits. But we did a lot of work ourselves. Not for everyone, and we had enough of that. When we got here, we wanted a good beach suburb, not too far north and bought an average house. The only fixing up we're doing now is just making it nicer inside - paint, pictures, light fixtures, etc. Too busy to do anything more - running, beaching, cycling, going for weekend drives, etc.

Good luck.

pommie bastard

Local land prices Perth.

LAND prices in the City of Joondalup have rocketed 76 per cent in three months to hit an average asking price of just over $307,000.

The latest land supply survey from the Urban Development Institute of Australia (WA) for the September quarter highlights the big increase in land prices in the Joondalup local authority.

The area includes suburbs such as Hillarys, Sorrento, Ocean Reef and Iluka, where sharply rising demand for a coastal lifestyle accounts for the big increase in land prices.

The big rise in Joondalup follows an increase of 27.6 per cent in the average price of lots on the market during the June quarter.


IT IS no secret why City of Joondalup land prices have jumped to such high levels - the beachside suburbs.

Prices in oceanside suburbs such as Hillarys, Ocean Reef and Iluka start about $250,000 and rise from there.

The average asking price for a block in the City of Joondalup now stands at $307,000.

Hillarys Harbour Rise project manager Mike Jones said the main attraction for people buying land in the northern coastal suburbs was the beach.


Mr Jones said there were 28 blocks in Harbour Rise for release in about two weeks with more than 200 people on a waiting list.

Block sizes would range from 400sq m to 700sq m and prices would vary between just over $300,000 to more than $500,000.

At the Beaumaris Beach development in Iluka, estate manager Rod Wright said people had camped out for a month at the land sales office just to secure their patch of paradise.

Five years ago, Mr Wright said land near the ocean at the estate sold for about $100,000. Now it fetched between $250,000 and $300,000.

Shikse

Thankyou Helena for your informative post. It will definately give me something to think about. Looks like the 'Changing Rooms' effect has spread accross the globe. I blame Laurence Llwelyn Bowen.

Shikse