Two of Perth’s western suburbs are all that stood between a total eastern states domination of Australia’s premium property markets last year.
Figures released by property analysts RP Data show Nedlands and Cottesloe as the only two non-Sydney or Melbourne suburbs to make the top 20 areas for $1 million-plus house sales last year.
The recovery from the global financial crisis showed in the figures.
There were 122 such sales in Nedlands, placing it 10th nationally, while Cottesloe (15th) clocked up 106 settlements.
The number of sales in Nedlands was a record for the suburb, six higher than in 2007 and almost double that of 2008.
But Cottesloe, while recording an almost 50 per cent increase on the previous year, was 15 short of its 2007 record.
Meanwhile, the seemingly never-ending building of apartment buildings in Earth Perth saw it top the state for sales of $1m-plus units.
The suburb shared the honour with South Perth. Both had 33 sales, placing them 17th nationally.
The number of East Perth sales was also a record for the suburb, beating the previous best of 32, in 2007.
That year, there were a record 52 $1m-plus unit sales in South Perth.
The inner-city Sydney suburb of Pyrmont topped the list, with 95 units sold, while just a few kilometres north, Mosman led the country for house sales, with 271 recorded.
RP Data national research director Tim Lawless said premium property markets generally provided stronger capital gains, mainly due to “inherently tight supply”.
However, they could be tricky for investors because rental yields were much lower, leading to cash flow issues.
Source : www.watoday.com.au
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