Peppermint Grove outside the reach of most investors
Peppermint Grove is where most Perth residents aspire to live; it’s the crème de la crème of Perth and touted to have the highest concentration of wealth in Perth – well at least the highest weekly income – akin to Melbourne’s Toorak and Sydney’s Vaucluse.
While its name evokes thoughts of something deliciously minty, Peppermint Grove’s housing prices are not so palatable, remaining a little out of reach for most. Its most recent median price was positioned at the $3.4 mill mark.
The Swan River is the illustrious and scenic eastern border of Peppermint Grove. The streets, which amble down to the sparkling river, are typically lined with well-established peppermint trees and detached houses ranging from large Federation-era cottages to modern mansions. It’s not uncommon to find French Riviera-inspired houses or limestone and slate towers here. Block sizes are generous at an average of 900 square metres.
A very small suburb with only around 580 or so dwellings, properties are very scarce and highly prized, which usually means strong upward price pressure.
Typically very wealthy owner-occupiers buy in Peppermint Grove. With most house prices just starting at $2 million, this is usually far out of the investor equation. While the area can offer very strong capital growth in a buoyant job and housing market, most investors won’t usually go shopping for a property in Peppermint Grove unless they’re very cashed up; it’s not the type of rental property you could affordably maintain or pay land tax on, and rental income doesn’t appear to compensate enough.
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