Disclaimer: These comments are the writer’s own and do not necessarily reflect the current opinions and policies of the Real Estate Institute of Western Australia.
Agents are often asked to predict future growth potential in the different suburbs and whilst opinions vary, most agree that property located close to the coast, shops, popular schools and transport infrastructure increase in value more rapidly than those that are not.
For in and around Fremantle, these are my top five suburbs to watch in 2018:
1. White Gum Valley. Ten years ago, it was unimaginable that property would fetch more than $1,000,000 in the Valley whereas nowadays, quality family homes fetch above six figures regularly. I was astonished to recently hear a seller of a property on the Fremantle side of the border with WGV, ask if we could advertise the home as being in WGV rather than Fremantle; a huge shift in perception.
2. South Fremantle. South Freo has been an outstanding performer over the past 12 months with 4.3 per cent growth. The village atmosphere, shops, cafes, pubs and beachside lifestyle opportunities will continue to underpin strong demand for limited housing stock in the suburb. Much of South Fremantle was “cottage built” and with Heritage constraints, land availability will always be tight. The increase in housing diversity has also increased South Freo’s popularity which will keep upward pressure on apartment and unit prices too.
3. Hilton. Popular as the entry point into the Fremantle lifestyle now with its own “village” atmosphere with community gardens, a leafy local school, cafes and gourmet grocers. Its median house price has remained stable over the past year and Hilton remains affordable with great opportunities to commence your Freo lifestyle.
4. North Fremantle. With small sales samples, it can be difficult to predict the market direction of this “old meets new” river and ocean suburb. Recent upgrades to its Queen Victoria street commercial precinct, has breathed new life into the area. Its median house price has grown around 10 per cent over the past year. Recent subdivisions and housing off McCabe Street are magnificent and will drag up the median over time. A great place to live.
5. Fremantle. Diverse, eclectic housing options throughout the 6160 postcode remains a key feature of Fremantle’s residential property market. Fremantle’s popularity as a housing destination has taken a hit in recent times and with prices down and the market transitioning forward, now is a great time to acquire property in the heart of our port city. Infill housing projects sensitive to our existing historic built environment are crucial to the city’s economic prosperity with existing projects such as the King’s Square re-development helping Fremantle out of the doldrums.
These top five are by no means an exhaustive list and if thinking of buying in any suburb, be careful to choose a property that meets all your needs.
by Hayden Groves
REIA Deputy President