OCEANSIDE PROPERTIES SET TO WIN OUT IN PERTH
20 April 2005

Coastal properties in Perth will outperform those on the riverfront over the long term, according to Subiaco property buyer's agents Property Wizards.

Director Trevor Dunkley said Perth had long experienced ocean sprawl, as opposed to urban sprawl and demand for housing along the coastline was ever growing.

"Of course it is personal preference, but beachside living offers so many attractions - there is a never-ending quest by many Perth homeowners to live in a home with ocean views," he said.

"With those views come lifestyle features like fresh air, seabreezes and the ability to be at the beach for walking and swimming within minutes.

"There is a lot of prestige associated with beachside living in Perth - one of the reasons for that is scarcity - and as opportunities to live in those areas get smaller and smaller over time prices will only continue to surge higher."

Mr Dunkley said areas like Hillarys and Sorrento provided great examples of how beachside properties were likely to win out over riverside properties in the long term.

Statistics reveal Hillarys had grown at 15.9% a year for the past 5 years while Sorrento values were up 13.6% a year - compared with the Perth median of 10.2%.

But Mr Dunkley said great investments weren't limited to properties that directly fronted the water.

"Being within walking distance is enough - and buying a suburb back from the ocean is also a good move - but try to buy west of the freeway and make sure the benefits of the particular property you snap up are well-researched," he said.

"For those who don't want to deal with the wind and the salt and the like the river is still a fabulous option - and many would argue it is the only place to be for spectacular night views," said Mr Dunkley.

"But whilst riverside homes are often solid performers, research reveals that oceanside suburbs west of the freeway have achieved slightly better returns in the medium to long term."

Over a median 7.5 year period, values of properties in coastal suburbs within 20 kilometres of the city grew at 10.8% a year, while properties in riverside suburbs west of the freeway grew at 9.7% a year.

"So, even though riverfront living is also popular here in Perth, the overriding trend is that we are sea-huggers and there is nothing to suggest this will change at all in the near future."

For more information, please contact
Mr Trevor Dunkley
Director
Property Wizards
trevor@propertywizards.com.au
Tel: (08) 9381 7450