BrickX invest in first Perth property

Fractional property investment platform BrickX have entered the Perth market over the Christmas period.

They've paid $1.04 million for a renovated 1930s home at 29 Campbell Street in Kensington, a southern suburb of Perth.

Its purchase reflected a 3.5% rental yield.

They are yet to release the cost per brick, which is how investors value their share of the property.

Their first purchase in Perth was undertaken after consultation with its buying panel, which include CoreLogic's Tim Lawless and the REA Group's chief economist Nerida Conisbee. The buying team includes two buyers' agent.

The three bedroom, two bathroom home on the leafy Campbell Street is currently seeking $700 a week tenants.

BrickX snapped up the character home just eight days in to its marketing.

It last traded for $216,000 in 1997.

Kensington's median house price value has increased 4.6% in the last five years. It now sits at $895,000, approaching its 2015 highs of $910,000.

It's now the fourth state BrickX invested in, with previous purchases in New South Wales, Victoria and South Australia.

Last year they bought their first property in Central Victoria, a home in Soldiers Hill, quickly followed by another in Ballarat.