The grand final of real estate heads west
Subiaco edges Collingwood for real estate premiership
In a potential omen ahead of Saturday’s AFL blockbuster, real estate group LJ Hooker found West Coast’s neighbourhood outperformed the Pies’ over the last 12 months to claim the ‘grand final’ of property.
In a tight affair, it was the resurgence of the house market in Subiaco – the traditional home of the Eagles – which kicked the deciding goals.
Perth had been challenged in the post-resources boom period when the median real estate price went backward 7.3% during the last three years. However, the rate of decline has slowed on the back of new mining investment with the median reducing just one per cent over the last 12 months.
Subiaco contributed strongly to Perth’s improvement, posting an increase in its median house price of 9.8% to $1,255,000 from an impressive 88 sales.
It was the opposite story in Melbourne where home owners, after enjoying a 32.1% increase in the median value over the last three years, observed a 1.7% decline in house prices over the last year.
But inner-city Collingwood showed the Magpies’ fighting spirit to post a positive median house price of $1,102,000 (4.6% growth).
LJ Hooker Head of Research Mathew Tiller said both suburbs had been resilient performers for their respective cities.
“Subiaco and Collingwood are great property rivals, being popular suburbs within five kilometres of their respective CBDs, a mixture of detached and apartment development, and vibrant lifestyles,” said Mr Tiller.
“And both have been performing strongly in the context of their wider city house markets. It proves that irrespective of wider market conditions, inner-city dwellings – especially freehold property - are consistently in demand.”
Subiaco outperformed Collingwood in five out of nine property metrics over the last 12 months:
Collingwood won the honours primarily in respect to the unit market:
Interestingly, the median days on market for houses in both markets was 28.
“But you would have to say, on recent form only, that Subiaco has the upper-hand,” said Mr Tiller,
“Come Saturday night, Subiaco residents might have double the bragging rights.”
ABOUT LJ HOOKER
Established in 1928, LJ Hooker has grown to become Australia's best-known and most trusted real estate brand consistently ranked #1 by Newspoll and Galaxy over the past decade.
LJ Hooker won Digital Network of the Year in 2016, 2017 and 2018, and Training and Education Program of the Year 2017.
LJ Hooker features one of the largest residential and commercial sales and property management networks in the industry with more than 6,000 sales professionals, property managers and support team members.
LJ Hooker has offices across Australia, New Zealand, China, Indonesia and Papua New Guinea, LJ Hooker sold more than AUD$21 billion in real estate last year. The company manages the largest property portfolio in the region, managing approximately 165,000 properties worth AUD$100 billion for investors.
LJ Hooker also provides a full suite of commercial services across Australia and New Zealand including buying, selling and leasing real estate for commercial or investment purposes. Under its LJ Hooker Commercial brand.