10km northwest of Perth CBD and only one suburb from the beach, you will find the hilly suburb of Wembley Downs. This established suburb offers a relaxed suburban lifestyle with easy access to good schools, including one of the best secondary schools in Perth, shops, sports grounds, golf courses and the beach and Herdsman Lake.
The housing stock contains a mixture of modest 1950’s and 60’s homes and newly developed houses. Primarily these are individual houses, with a smattering of duplex lots with two strata homes. The area predominantly attracts homeowners, and has a very high rate of ownership vs tenants. One the one hand, this is beneficial to investors due to the demand for properties by renters. However, due to the high land value in the area, rental returns are likely to be very low.
The median house price of $1,050,000* puts the area firmly out of reach of many home buyers and investors, however for investors with deep pockets, the suburb has shown strong growth over the last year. In contrast to much of Perth’s market, the increase presents a great buying opportunity for those with the budget and desire to live in a well-established area with excellent amenities.
At two thirds the median price of neighbouring City Beach, Wembley Downs’ ten-year growth is in line with surrounding suburbs and the Perth metropolitan area, giving it potential for a little catch up. Growth in the long term has historically been around 5.5% per annum over ten years*.
For investors looking to accelerate their growth, there is the potential to find a subdivisible property which could allow superior gains through adding value. However, these opportunities are scarce, and likely to reflect their add value potential in their price.
If you have an interest in building your wealth through property, then call us on (08) 9381-7450 , or request a FREE Starter Pack.