June 22, 2015

Woowza – North Fremantle and Coolbellup growth of over 20%

The Perth metropolitan residential housing market has according to REIWA research seen a slump in sales activity with an over supply of listings. As of the week ending 17th June, 2015, there was 14,369 residential property listings compared to the same period last year of 10,714. An increase of 200 listings occurred in the month leading up to the 17th of July.

The metropolitan region median house price is holding at $550,000 with an average selling period of 70 days.

The fastest growth suburbs within the Perth metropolitan area was North Fremantle with an annual growth rate to 31/03/2015 according to REIWA of 24.8% with a median price of $1,310,000 with a total sales volume of some 65 properties in the 12 months to 31st march 2015.

The next best performing suburb was Coolbellup with an annual growth rate of 20.7% for the year ending 31st March 2015. These two suburbs show a sharp contrast in purchaser profile. North Fremantle is a small riverside suburb with a population of some 2,700 while Coolbellup is a modest location with a population of some 4,900 with a sales volume of approx 175 for the 12 month period to 31st March 2015. Owner/occupiers were the dominant purchaser cohort in North Fremantle while first home buyers and investors were the significant buyers in Coolbellup where the median house price is currently at $545,000.