Professionals Real Estate In recent years there has been growing demand for homes in the riverside suburbs of Perth because of the increasing focus on lifestyle amongst property buyers.
Professionals is finding this trend is most apparent in the baby boomer segment of the housing market with more baby boomers deciding to downsize from a larger family home to an apartment or townhouse which is built to a high specification in a riverside location.
As a result of this trend, there has been a surge in new building activity of luxury apartments and townhouses during the past decade in riverside locations such as East Fremantle, Mosman Park, Crawley, Applecross, Como and South Perth.
If you are considering buying a home in a riverside suburb, you should consider the following points:
- There are a number of undervalued riverside suburbs in Perth which have underperformed compared to their long term average capital growth rates. These suburbs include Crawley where house prices have remained stagnant over the past year, compared to an average annual capital growth rate of 14.1% during the last decade.
- A property which is located a few streets from the river can be significantly cheaper than a property which is located on the riverfront.
- Older style units which only need a cosmetic upgrade can be an affordable entry point into a riverside suburb.
- If you are buying a luxury apartment “off the plan” check the background of the developer to determine if they deliver on the product they are promising. Also check the price of similar properties that have already been constructed to compare prices.
- North facing properties are always in very high demand because they receive less sunlight during the summer and more sunlight during the winter months
- Properties located near large parks are also in strong demand because lifestyle trends indicate that more people are focusing on improving their health in recent times.
- If you are buying a property because of the views it offers, check that these views will not be impaired over the long term (ie. the construction of a block of apartments between your home and the river).
- If the property is located near a road, inspect the property during a peak traffic period to determine the level of noise.
- Check if there are any upgrades planned for the area, ie. the upgrade of the local hotel or tavern can encourage more people to live in the area as they do not have to travel to socialise.
If you are looking to purchase a riverside property, contact your nearest Professionals office to access the best local knowledge of the area.
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