Whether you’re a first home buyer or a seasoned real estate investor, the golden rule of property always applies: location, location, location.
In the past we’ve investigated how population growth may influence the area in which prospective buyers build in Western Australia (WA), but in this article we’re going to take a look at how the state is faring as a whole in the here and now.
Data reveals WA suburbs are retaining their value
Of course, as any media outlet can tell you, WA is going through a period of slow growth, and both existing home owners and potential buyers are feeling the effects. However, as a recent study has shown, there is still a lot to be optimistic about.
Across the nation, a record 437 suburbs in the millionaire’s list represents an increase of 23.1% from last year // http://t.co/JgGXf9RUn4
— CoreLogic RP Data (@corelogicau) August 19, 2015
Earlier this month, property analyst firm CoreLogic RP released research detailing suburbs across Australia with a median value of $1 million or more. Only areas that had sold at least 10 properties with a value of a million dollars or more were eligible to be counted.
Perhaps unsurprisingly, a Sydney suburb boasts the highest median value in the country, with houses in Point Piper valued at a whopping $5.5 million average.
There are 39 WA suburbs with a median value of at least $1 million.
Nevertheless, when it came to the actual number of suburbs with a median value of $1 million or more, WA held its own against the rest of the country. In 2012, there were only 28 Western Australian suburbs that filled this criteria – now there are 39. While this figure represents a drop from 2014, the overall growth signals an opportunity for anyone seeking to build a custom home in Perth or the surrounding regions.
Looking at the data from a nation-wide perspective, WA has significantly more high-value suburbs than South Australia (12), Queensland (14), Australian Capital Territory (seven), Northern Territory (two) and Tasmania (0).
Where are the high-value suburbs concentrated?
So, which areas are performing the best? The CoreLogic RP data found that 97.7 per cent of the 437 Australian suburbs with a median value of $1 million were situated in a capital city.