Perth is currently the star property market across the nation, with strong sales activity and price growth occurring.
Plus, Perth now has one of the lowest unemployment rates in the nation at 3.6 per cent.
The West Australian capital city is firing on all cylinders with one location showing particularly robust market conditions.
I’m talking about the City of Stirling, which is located in the northern suburbs of Perth, about 10 kilometres from the central business direct.
The area covers a substantial 105 square kilometre and is the largest local government area by population in Western Australia.
What makes Stirling so special?
The City of Stirling has many strings to its economic and property bows with its proximity to the city being just one of them.
One of its most attractive features is the diversity of its suburbs and property prices, which are desirable to all types of buyers – from first-timers and upgraders to investors looking for strong capital growth prospects and excellent yields.
Let’s consider that the City of Stirling has median house prices that start in the $300,000 price bracket and stretch all the way up to more than $1.5 million on the beach.
The region features affordable inland suburbs such as Balcatta, Balga, and Westminster to blue chip locations such as Scarborough and Trigg on the coast-line.
The suburbs of Balcatta, Balga and Westminster – in the northern reaches of the region – all over affordable buy-in prices for first home buyers as well as investors.
According to reiwa.com, the Balcatta median house price is $585,000, in Balga its $370,000, and the median house price in Westminster is $415,000.
At the other end of the spectrum, the City of Stirling boasts some of Perth’s most desirable coastal suburbs such as Scarborough, which has a median house price of $930,000, and Trigg where the median house price is $1.63 million.
Likewise, the northern most suburb of the region is Watermans Bay, where the median house price is $1.37 million.
So, homebuyers and investors can buy affordably into a region that is also seen as aspirational and where many high-come earners also desire to reside.
Market and economic metrics
According to our friends at Hotspotting, the City of Stirling has the strongest sales activity across Perth.
This is partly due to several large infrastructure projects, including some that have been completed recently, such as the $100 million Scarborough Beach redevelopment; the $800 million Karrinyup Shopping Centre expansion and $400 million on transport projects.
The Stirling City Centre project was touted as being one of Australia’s biggest urban regeneration projects and was finished in January 2021, while $1.6 billion is being spent on upgrading two of the LGA’s major shopping centres.
The region offers a plethora of attributes that are attractive to tenants and property buyers, including a leisurely seaside lifestyle, plus, it is home to the internationally renowned Scarborough Beach, with its bars, cafes, shopping, and education facilities imparting a youthful vibrancy to the area.
These factors are accompanied by extremely low vacancy rates and increasingly high residential rents while government incentives have encouraged first home buyers to enter the market.
“All of these points have helped the Stirling property market continue to experience rising sales activity and price growth,” Hotspotting Director Terry Ryder said recently.
With interest rates appearing to have plateaued and with price growth reigniting in many markets across the nation, the City of Stirling is set to shine brightly for some time yet, which is why so many savvy buyers and investors are purchasing now.