The Perth suburb of Woodlands is seeing increased property market activity as second and third home buyers return to the market.
A report by Herron Todd White identified the suburb as a top performer in the Perth market
The report found that Woodlands, as well as similar suburbs like Glendalough, Floreat, Duncraig, Rossmoyne and Shelley, were showing steady increases in price.
“All these suburbs are located close to some excellent public and private schools, are within 15 kilometres of Perth CBD, close to beaches, shopping and retail amenities,” the report stated.
Growth in these areas is fuelled by 'trade-up buyers' who are currently entering the market.
The report found high activity from first home buyers throughout 2013 stimulated the lower end of the property market.
“And despite the market showing slight signs of cooling in the latter part of 2013, this activity has fuelled the next level of buyers - trade-up buyers - entering the market,” the report stated.
Woodlands, in particular, was seeing increased interest with homes selling at a rapid pace.
“Frenetic activity occurs when a home is placed on the market because Woodlands is so tightly held and given its proximity to the Perth CBD, excellent choice of schools and access to some of Perth’s best beaches, it is a suburb well positioned for families,” the report stated.
The suburb is particularly in demand due to its educational facilities.
“Schools and even a university campus began to develop in the area and because of that it became even more popular,” the report stated.
“There are excellent public primary and high schools as well as one of the state’s top private schools, Hale School Grammar, which has expansive playing fields.”
The report found homes on traditionally-sized lots of around 700 to 800 square metres sold for between $750,000 and $1 million.
Herron Todd White predicted high interest in the suburb was likely to continue throughout the year.
“The focus will be on well located property in close proximity to good schools, transport infrastructure (roads and rail) as well as convenience to retail and hospitality amenity,” the report found.
“Thus those areas first developed in the 1960s and 1970s are the areas that the second and third home buyers will focus on.”