A great look at the Applecross market by Leading Research Firm, Property ESP
Research conducted by WA based sales analysis firm PropertyESP, has demonstrated that the Mount Pleasant and Applecross apartment markets, despite having some initial setbacks, have once again rebounded.
Looking at 164 apartment sales from 2011-2016, the analysis showed that the median sale price in Applecross in 2011 was $875,000 and peaked at $1,250,000 in 2014 before settling at $1.1 million at the end of 2016.
Mt Pleasant apartment sales on the other hand started at median price point of $1,125,000 in 2011 before plummeting to $660,000 in 2013 before then rising again to $1,195,000 in 2016.
Samantha Reece, Director PropertyESP stated that buyers who had been waiting for the bottom of the market had already missed their opportunity.
“This data shows that regardless of one, two or three bedroom apartments, we saw an upswing in the median property price for both Applecross and Mt Pleasant in 2016,” Ms Reece said.
“The median price for 3 bed/2 bath for these two suburbs is now $1.3 million with 2 bed/2 bath apartments now at $877,500.
“What we are clearly seeing is the movement to premium 3 bed apartments in the market and that tends to demonstrate that consumer confidence in this area has returned and that buyers are keen to move from their large 4 bedroom/2 bathroom traditional homes into something new in the same locale.”
The data also demonstrated that rental yields were approximately 4.2% for apartments compared to 3.3% for houses in these areas.
Ms Reece stated that with the $235 million investment in Canning Bridge the area was about to undertake a transformation similar to that witnessed in East Perth and Midland.
“Ten years ago the MRA outlined their vision for Midland and it seemed somewhat idealistic. But seeing what has been achieved now, it is evident that anyone who invested in those early years would be enjoying significant capital growth,” Ms Reece said.
“The same principle could be applied now to Canning Bridge and astute buyers will be investing at these early stages to avoid further price increases and also maximise gains.”
PropertyESP will be providing an overview of their research results at a seminar on Wednesday 12 April from 5.30pm. Those interested in attending the Cutting Edge at Canning Bridge session can contact Samantha at firstname.lastname@example.org. Phone 0452 067 117
One of the first developments to market at the Canning Bridge area is ‘The Precinct’ by Norup and Wilson, more information can be found here: http://www.norupwilson.com/projects/current-projects/the-precinct-mount-pleasant
Applecross | Mount Pleasant | Property Analysis