In a potential omen ahead of Saturday’s AFL blockbuster, LJ Hooker has found West Coast’s neighbourhood outperformed the Pies’ over the last 12 months to claim the Grand Final of property.
In a tight affair, it was the resurgence of the housing market in Subiaco – the traditional home of the Eagles – which kicked the deciding goals.
Perth had been challenged in the post-resources boom period when the median real estate price went backwards 7.3 per cent during the last three years. However, the rate of decline has slowed on the back of new mining investment, with the median reducing just one per cent over the last 12 months.
Subiaco contributed strongly to Perth’s improvement, posting an increase in its median house price of 9.8 per cent to $1,255,000 from an impressive 88 sales.
It was the opposite story in Melbourne where homeowners, after enjoying a 32.1 per cent increase in the median value over the last three years, observed a 1.7 per cent decline in house prices over the last year.
But inner-city Collingwood showed the Magpies’ fighting spirit to post a positive median house price of $1,102,000 (4.6 per cent growth).
LJ Hooker Head of Research Mathew Tiller said both suburbs had been resilient performers for their respective cities.
“Subiaco and Collingwood are great property rivals, being popular suburbs within five kilometres of their respective CBDs, a mixture of detached and apartment development, and vibrant lifestyles,” said Mr Tiller.
“And both have been performing strongly in the context of their wider city house markets. It proves that, irrespective of wider market conditions, inner-city dwellings – especially freehold property – are consistently in demand.”
Subiaco outperformed Collingwood in five out of nine property metrics over the last 12 months:
|Median house price||$1,255,000||$1,102,000|
|Median house price growth||0.098||0.046|
|Median house asking rents||$670p/w||$620p/w|
|Median unit growth||-0.024||-0.036|
|Average hold period (units)||10.5 years||7.3 years|
Collingwood won the honours primarily with respect to the unit market:
|Average hold period (houses)||9.9 years||12.1 years|
|Median days on market (units)||50||36|
|Median unit price||507500||530000|
|Median unit asking rents||400||510|
Interestingly, the median days on market for houses in both markets was 28.
“But you would have to say, on recent form only, that Subiaco has the upper hand,” said Mr Tiller. “Come Saturday night, Subiaco residents might have double the bragging rights.”