What a lazy $700,000 can buy in north-west Perth: HTW residential
The median house price of Hillarys recorded in the March quarter was $750,000, a two per cent fall compared to the previous year, according to the latest Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
Hillarys is a suburb 23 kilometres north-west of the Perth CBD and is located along the coastline of the state.
It includes the attraction of Hillarys Marina consisting of popular cafes and restaurants.
The report notes the suburb consists mainly of dwellings at 88.9 per cent of the suburb’s property types, with some dated from circa 1970 onwards.
Sections of the suburb have recently undergone zoning changes, which have seen developments and subdivisions increase within the suburb.
For example, 3 Nash Street, Hillarys (pictured below) sold for $740,000 in February.
The property is a circa 1972 renovated four-bedroom, two-bathroom dwelling with a double carport situated on a 754 square metre block.
The dwelling has 248 square metres of living area and externally there is a below ground pool and gable patio.
The land is zoned Residential R20/60 and has confirmation from the local council that the property has subdivision potential of four to five lots.
Along with the subdivision potential, the existing house is also in a good condition to rent out for a set period of time and benefits from parkland access to the rear of the property.
Currently the median rental for a four-bedroom property in Hillarys is $560 per week as at 15 June.
Scarborough is a suburb located 13 kilometres north-west of the Perth CBD and is the location of one of Perth’s most iconic beaches.
In 2017, a redevelopment was undertaken on the Scarborough foreshore area with over $54 million being spent by the state government and local council to revitalise the area in order to improve its reputation and create a new family oriented destination.
The suburb has a diverse range of options for property types for people looking to enter the suburb, which mainly consists of villas and townhouses covering over 50 per cent of all properties.
Old character dwellings that have been completely renovated to a modern standard, circa 1940s onwards, are also available and would represent the best value currently for $700,000 in this market.
The median house price for the suburb for the March quarter was $736,000, which was only a 0.8 per cent decrease from the previous year.
129 Burniston Street, Scarborough (pictured below) sold in April for $727,500, having been on the market for 40 days.
The dwelling is a fully renovated circa 1948 street facing survey strata three-bedroom, two-bathroom dwelling with a secure double carport situated on a 370 square metre block.
The renovations completed on this property retained the character of the home and provide a modern and traditional style of living that is highly sought after in this pocket of the suburb.
Located 17 kilometres north-west of Perth, Duncraig is a suburb that will offer buyers an abundance of options for the $700,000 budget, with a number of four-bedroom, two-bathroom family homes being offered in the market.
The March quarter had the median house price of the suburb at $656,000 which was a 2.8 per cent decrease compared to this time last year.
"In the suburb you can find properties dating back to circa 1970s that have been renovated and are on generous sized blocks perfect for families," the valuation firm said.
In January, 8 Mohonia Place, Duncraig sold for $722,000 having been on the market for 12 days.
The property is a circa 1987 renovated four- bedroom, two-bathroom dwelling with a double garage situated on a 705 square metre block.
It offers 170 square metres of living area with a recently renovated kitchen and master bathroom as well as a spacious entertaining area outside with a gable patio and below ground pool.
"This is just one of many examples of four-bedroom, two-bathroom dwellings offered within the suburb at an affordable option in a great location," the valuation firm said.