Stirling a hotbed for the resurgence in Central Perth property market
The Stirling local government area (LGA) in WA has been enjoying high market activity over the last five years, as well as rental demand in the March quarter of this year, according to the latest report by PRD nationwide.
The Stirling LGA includes Balcatta, Balga, Carine, Churchlands, Coolbinia, Dianella, Doubleview, Glendalough, Gwelup, Hamersley, Inglewood, Innaloo, Joondanna, Karrinyup, Menora, Mirrabooka, Mount Lawley, Nollamara, North Beach, Osborne Park, Scarborough, Stirling, Trigg, Tuart Hill, Wembley Downs, Westminster, Woodlands, and Yokine.
Over a five-year period ending in the first quarter of this year, house transactions in the Stirling area accounted for 30% of all house transactions in Central Perth (listings within a 15km radius of Perth CBD).
Similarly, unit transactions in the Stirling LGA made up 28% of all transactions over a five-year period ending in the March quarter of 2013.
Central Perth is also seeing a resurgence in rental listings as demand continues to grow as a result of increased mining activity in Western Australia. It recorded 47% of house rental listings for the March quarter of this year, with the Stirling LGA recording 10% of the Perth citywide market.
According to PRD nationwide research analyst Angus McLean, the Stirling LGA recorded 907 house rental listings for the March quarter, with a median asking rent of $550 per week, reflecting an 11% increase on last year, when the median asking rent was $490 per week, according to data from the REIWA.
North Beach saw one of the largest annual increases in asking rent. For the March quarter of 2013, the median asking rent was $610 per week, up 30% on last year where the median asking rent was $425 per week
Conversely, Inglewood saw one of the largest annual drops in asking rent. For the March quarter of this year, the median asking rent was $560 per week, down 16% on last year where the median asking rent was $650 per week.
Central Perth dominated the unit rental market with 86% of listings.
The Stirling LGA once again proved to be a popular area with 17% of all listings for Central Perth. It recorded 957 listings and a median asking rent of $420 per week during the period, according to data from the REIWA.
Scarborough saw one of the largest annual increases in asking rent.
For the March quarter of this year, the median asking rent was $460 per week, up 17% on last year when it was at $380 per week.
PRD nationwide director of Perth project marketing Angus Murray told Property Observer the Perth property market is “very strong” across the board.
“There is a shortage of listings in Perth, and we are well undersupplied. It’s pushing prices a little.”
“There is about a 6% increase in pricing in the last 12 months, and I expect it will be a similar amount in the next 12 months as there is a shortage of stock,” he said.
He revealed that the Sterling market is mainly driven by families and people looking to upgrade, especially from other parts of Perth. Some pull factors include its proximity to the Perth CBD and established schools in the area.
Located about 10 kilometres north of the Perth CBD, Stirling is accessible by the Mitchell Freeway and Stirling train station. A train ride to Perth city takes about nine minutes.
According to the latest RP Data report, the median sale price for houses in Stirling is $775,000, up 4.3% on last year.
The average discount required to sell a house is 8.9%, while private treaty sales average 87 days on market.
The median asking rent for houses in Stirling is $750 per week, while gross rental yield currently stands at 5%.
Houses that have recently sold in Stirling include:
The three-bedroom house (pictured below) sold for $653,000 through Professionals Realty in April this year.
Prior to this sale, it sold in 2008 for $495,000, in 2001 for $215,000, and in 1994 for 152,800 according to RP Data records.
It was listed for sale at “offers from $669,000”, and was on the market for 9 days.
In addition, it was listed in January 2008 with an initial price guide of “$560,000 to $575,000”, which was subsequently adjusted to “$550,000 to $560,000” and spent 257 days on the market according to RP Data records.
The four-bedroom house (pictured below) sold for $810,000 through Realmark Premier Gwelup in February this year.
Prior to this sale, the 669 square metre house sold in 2007 for $785,000, and in 2003 for $429,000, according to RP Data records.
It was listed for sale with a “all offers invited” price guide in February this year, and was on the market for 17 days. In addition, it was listed for sale in March 2007 with a price guide of “from $769,000”, and it spent 64 days on market. It was also listed for sale in 2006 at an asking price of $850,000, spending 23 days on market, and again in 2003 for $444,000 where it spent 78 days on market, according to RP Data records.
Houses currently for sale in Stirling include:
The four-bedroom house (pictured below) has been listed for sale by Altitude Real Estate Subiaco at an asking price of “from $895,000”. It last sold for $495,000 in 2007 and for $395,000 in 2005, according to RP Data records.
It has also been listed for rent in July last year at an asking price of $750 per week. The asking price was subsequently adjusted to $720 per week later that month, according to RP Data records.
The three bedroom house (pictured below) has been listed for sale with a price guide of $620,000 to $640,000 through Professionals – the Kelly team.
It last sold for $94,000 in 1993, according to RP Data records.
It was also listed for sale from December last year to April this year with an “expressions of interest” campaign that spent 113 days on the market, according to RP Data records.
