PERTH COASTAL SUBURBS PROVIDE PROPERTY HEAVEN
March 2005

Several pockets of Perth's coastal strip are set to continue strong growth into 2005, according to Subiaco buyer's agency Property Wizards.

Director Trevor Dunkley said the northern suburbs of Hillarys and Sorrento had outperformed many neighbouring suburbs in recent years and were likely to stay strong this year.

"These suburbs have attracted huge buyer demand due to the obvious lifestyle benefits of being near the ocean and near Hillarys marina - with Hillarys growing at 15.9% a year for the past 5 years and Sorrento values up 13.6% a year - which are much higher than the Perth median of 10.2%," Mr Dunkley said.

"We don't foresee any reason for this growth to stall with more homes springing up in the new housing estate right near the marina."

Similar to what's occurred in Hillarys and Sorrento, Coogee and surrounding suburbs are also providing great opportunities, according to Property Wizards.

Mr Dunkley said the buzz surrounding plans for a marina in the area was appealing to those seeking lifestyle benefits similar to those experienced near the Hillarys marina.

"Anticipation of the marina being built is already attracting more people to Coogee, Spearwood and Hamilton Hill and there's no sign of that trend abating," he said.

REIWA figures revealed growth in Coogee last year was 25.3%, Spearwood experienced 19.1% growth and Hamilton Hill enjoyed a 14.1% rise.

Mr Dunkley said a similar scenario had been unfolding due to plans for a marina in Ocean Reef.

He said the idea was already creating the same boom effects in Mullaloo, Ocean Reef and Kallaroo.

"Already these areas are being hyped and growth in these suburbs has been impressive; again there is no reason to suggest it will dampen this year," he said.

Mr Dunkley said Rockingham prices were also surging upwards with no end in sight.

"Rockingham itself has experienced an annual growth rate of 16.4% over the past 5 years - which translates to prices more than doubling in that time," he said.

"The Perth to Mandurah railway line is helping to drive the growth, as are plans for waterfront developments and council upgrades. As those changes progress, prices should continue to move up."

Mr Dunkley warned buyers however that it was still critical for them to select properties of a high quality.

"Not every home in these suburbs will perform at the highest levels - so research and knowing everything about the property is still a must."

For more information, please contact:

Ms Liz Sterzel
Managing Director
Property Wizards
liz@propertywizards.com.au
Tel: (08) 9381 7450