Real Estate Deals: Best Performing Coastal Suburbs in Perth
Perth, with all of its coastal suburbs, is performing well in its real estate activities.
Just 18km north of the CBD, the exclusive enclave of Watermans Bay has topped the metropolitan coastal suburbs for median house price growth in the past three years alone, writes The Australian.
Perth and its best performing coastal suburbs consist of North Beach, Duncraig and Karrinyup, and Watermans Bay. Having a million-dollar median and a position within reach of shops at Marmion, makes these places without a doubt the top favorites in this region. These areas are also marked for being the playground of the rich and famous.
Based on its history, the coastal suburbs are originally a part of the Hamersley Estate, an area owned by the Hamersley family who settled in Perth in 1837, and many of the street names are in honor of members of the family" as reported by perthnow.com.au.
Peard Real Estate Chief, Peter Beard said, "Properties in Watermans Bay are only a walking distance to a beautiful bay and beach, as well as six very good cafes and restaurants."
Peter peered further said, "It could be best described as a boutique coastal suburb because of its relatively small population and the suburb is attracting high net worth buyers with many large new homes constructed in Watermans Bay over recent years."
With the demand, it also contributed to the surging of prices for prime properties and the probability of a losing real estate market. However, Acton Chief Executive Travis Coleman said, "Buyer opportunities had appeared in coastal countries in the past year."
Coleman further added, "Property values in prime coastal suburbs generally have experienced a downward market correction over the past year, due to higher stock levels and a reduction in buyer activity."
It should not worry the real estate sector since the market remains strong. According to a report by perthnow.com.au, "This is now creating a unique opportunity for the astute buyers to upgrade into these coastal suburbs, which over time deliver high capital growth due to the strong focus on lifestyle in the Perth property market."