Applecross apartments defy the norm
We recently conducted some research on behalf of a client of ours examining what was happening in the apartment market in Applecross and Mt Pleasant from 2011-2016. This data was very interesting because despite having some initial setbacks, these two suburbs have once again rebounded.
Looking at 164 apartment sales in the five year period, 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.
The data also demonstrated that regardless of one, two or three bedroom apartments, there was an upswing in the median property price for both Applecross and Mt Pleasant in 2016.
But what was most surprising was that being on the rivers edge (no road in front) or river front (with a road in front) reflected no price difference and as such we believe that this a paradigm that will definitely shift in years to come with the $235 million Canning Bridge redevelopment.
The data also demonstrated that rental yields were approximately 4.2% for apartments compared to 3.3% for houses in these areas.
As you can imagine this company now has good news to share with its buyers and that will only build confidence.
If you want to know what is happening in your suburb than contact the team at PropertyESP. We delve into the nitty gritty and unveil good news!