Research specialists PropertyESP has highlighted that three-bedroom apartments within Subiaco are king when it comes to buyers preference, and what’s more buyers are willing to pay!
Sales information extracted from January 2016 to mid-July 2018 demonstrated 183 Subiaco apartment sales in this time frame. Of the sales 36% were one bed, 24% two bed and 23% three-bedroom apartments.
And while apartment sales have fallen consecutively since 2016, as supply has also reduced, the new opportunities with the MRA East Subiaco and recently endorsed Council Local Planning Scheme 5 (LPS5) will undoubtedly have a positive spin for the area.
Director of PropertyESP Ms Samantha Reece stated that interestingly most of the sales were in low rise development complexes.
“Two thirds of the sales where across two key developments, the Botanical Apartments at 74 Price Street (37% of sales) and Subi Strand at 22-30 Hood Street (32% of sales),” Ms Reece said.
“The sales data also indicates that buyers would much rather purchase an apartment in a boutique development, with a diverse and wide variety of amenities and features, which aligns with the status of Subiaco as a premium suburb.”
As would be expected, price point rose from two bed to three-bedroom apartments, however unlike other suburbs, Subiaco commanded a minimum $200,000 premium.
Ms Reece stated that median price for 2 bed/2 bath was $597,500 which then jumped to $775,500 for 3 bed/2 bath and over $1.3 million for 3 bed/3bath.
“The recent research findings from WA Apartment Advocacy demonstrated that over 50% of apartment buyers would be looking to buy a three-bedroom apartment next and it is evident that the more affluent the suburb, the greater the demand for larger apartments will be,” Ms Reece said.
The research also demonstrated that the three-bedroom apartments had remained consistent at 160sqm since 2016, whereas the two bedroom had fallen from median size of 114sqm to 88sqm. The three bedroom apartments were also the only category that had shown price growth in the three years with 9% net positive increase.