Growth profits north and south

Perth’s southern suburbs are outpacing their northern counterparts in property price growth, with Shelley leading the charge.

New REIWA data reveals the small riverside locale’s median house price rocketed by 29.7 per cent to $1,145,000, surpassing northern rival Bullsbrook’s 23 per cent increase to $492,000 in the year to September.

Although individual southern star performers recorded steeper price climbs, the northern and southern regions are nearly tied in average median house prices, with the north at $559,800 just nudging ahead of the south’s $559,300.

Properties are flying off the shelves in both regions, with homes in the south being snapped up in just 7.8 days on average and those north of the river in nine days.

However, the northern suburbs have seen more sales activity, with 581 houses changing hands and overshadowing the south by 100 transactions.

There were 44 house sales in Shelley, which is the list’s closest suburb to Perth city — located about 17km away — and the priciest to enter.

Pulse Property Group director, licensee and property consultant Zac Addenbrooke said Shelley’s activity was now at its highest in the past year, with some properties achieving amazing results and continued price growth expected.

“The homes we’ve brought to the market within the last three months were offered in isolation, so we were able to corral large numbers of buyers through,” he said. “While more stock is expected to slowly enter the market over the coming months, buyer competition won’t be diluted overnight.

“Putting that into perspective, Shelley typically had 80-90 properties for sale at any given time in 2018-19, just prior to the COVID-19 pandemic, but now it averages around 20-25.”

Mr Addenbrooke said the hottest properties were refurbished or near new, with buyers keen to avoid renovations during a trade shortage and amid high construction costs.

A prime example was an updated four-bedroom house on an 818sqm block at 5 Aldam Crescent, Shelley, which fetched $1.66 million — well over its presale estimate of about $1.5 million — after only three days and eight written offers.

Mr Addenbrooke largely attributed Shelley’s appeal to its secluded riverside lifestyle and inclusion in Rossmoyne Senior High School’s catchment area.

“It is one of the few suburbs offering residents privacy because Rossmoyne is its only neighbouring suburb,” he said.

“Situated between Swan River and Leach Highway, it typically only sees local traffic.”

Turning the spotlight on Bullsbrook, which matched Shelley’s 44 house sales, HKY Real Estate licensed real estate agent Kim Johnson said the once long-forgotten semi-rural suburb about 40km from the Perth CBD was becoming a popular choice for home hunters.

“Buyers are drawn to its country charm and city convenience — a trend spurred by the new Stock Road connection to Tonkin Highway, which has greatly improved accessibility to major roadways and nearby shopping hubs like Ellenbrook,” she said.

Nestled in the foothills with Swan Valley on its doorstep, Bullsbrook offers diverse housing options, including character Royal Australian Air Force cottages and new homes in Kingsford estate.

Ms Johnson said the COVID-19 pandemic’s lifestyle shifts had sparked a surge in demand for properties ranging from small hobby farms to large acreage along the Chittering Valley tourist route.

Bullsbrook’s expansion is set to continue, with upcoming projects such as the Yarrimbah Heights estate offering a release of five-acre land parcels, while Kingsford remains a hot spot for smaller lots.

“Bullsbrook’s lifestyle properties allow families escaping the city-based suburbs to enjoy self-sufficiency, wide, open spaces, fresh air, less neighbours, no traffic lights and starry night skies,” Ms Johnson said.

“Here, growing your own produce, collecting fresh eggs, your horses grazing in lush paddocks, your dogs playing in the dam, the rain tapping on a tin roof and the rooster singing his morning tune are all part of a natural soundtrack to a peaceful country life.”

Perth’s top north and south suburbs for median house price growth. Credit: REIWA.