Lower King reigns in property market
Lower King recorded the highest growth in its median house price of any suburb in regional WA in the 2016-17 financial year, according to the latest Real Estate Institute of WA statistics.
North-east of Albany, Lower King noticed an increase of 12.7 per cent in the median house price to sit at $400,000.
Albany had four suburbs in the top 10 for price growth in regional WA, with Yakamia (12.5 per cent), Orana (2.3 per cent) and Spencer Park (0.6 per cent) also featuring.
Wellington and Reeves sales and marketing manager Darren Leslie said momentum in surrounding suburbs had contributed to the impressive figures.
“Bayonet Head is the highest-selling area in Albany, and with prices rising in that area, Lower King has become more affordable,” he said.
“Lower King has larger blocks — it’s close to the water and to quality schooling, so there is a broad mix of buyers.”
Merrifield Real Estate director Jeremy Stewart said the figures were distorted.
“Due to a few higher priced specific properties selling over the last 12 months in these suburbs, it has pushed up the median price in the suburbs mentioned and therefore isn’t a true reflection on the whole marketplace across the region as such,” he said
Mason Realty owner Rob Mason said there was great value in the Albany property market.
“Albany still represents excellent buying, and within the four suburbs listed in the top 10, there are still quite a few homes for sale under $300,000, well below the median price,” he said. “Newer homes selling in Yakamia and Spencer Park help push up growth figures, as does the sale of lifestyle type properties in Lower King.
“Recent developments in and around Orana have probably led to renewed interest in this area.”
Overall, the Albany region recorded a decline in the median house price of 0.7 per cent to $377,500 while regional WA dropped 5.4 per cent.
The median house price in Denmark grew 9.4 per cent to lead all regional centres.
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