Property value increases in Northbridge have tracked close to the WA average of -4.19% over the last 12 months.
The five-year average increase in median property values for Northbridge,6003 has given property investors a potential capital gain of 2.79% across each of those five years.
Our latest figures would indicate that property sellers in Northbridge are currently offering property investors an average price cut of -9.07% below the asking price at the moment.
At number 1297 in a list of fastest selling suburbs, Northbridge is in the bottom 20% of suburbs in Australia with an average of days on market 116.31 for properties listed there.
Using the current median advertised rental of $400 and the average annual increase in value of a median property of 0.08%, investors should hope to achieve an overall return of 4.52%
A major transformation is underway in this well-established inner Perth suburb thanks to the City Link project. This will send the nearby train station underground and see Northbridge in direct contact with the CBD, adding to an already attractive offering.Full summary
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Selling points: Northbridge is an older inner city suburb, which is undergoing a major transformation because of massive new private and government sector investment in the area. A key infrastructure project is the City Link project, which will ensure Northbridge is linked directly to the city centre by rail for the first time in over 100 years. There is also an undersupply of properties in the area and we are now seeing an upward pressure on prices. Its inner city location, major new infrastructure and lack of supply make Northbridge a ‘no brainer’ for astute investors.
Most sought after properties: One bedroom units are in high demand because more people are now living alone in Perth. Also larger, higher quality apartments are in growing demand from baby boomers wanting to downsize and live in inner city locations, which are close to cafes and restaurants.
Most common properties: There are a growing number of new apartment developments being constructed in Northbridge. In addition, there are older style smaller residential stand-alone homes, which predate World War II.
Top amenities: Northbridge has long been regarded as the entertainment and multicultural centre of Perth with a wide variety of restaurants and cafes in the area. The amenities of the area have been boosted with the recent opening of the Heath Ledger Theatre and the soon to be completed Perth Arena, which will host major international concerts and sporting events.
Local industry and business: The major local employers are cafes and restaurants as well as businesses connected to accommodation such as hotels.
Recent changes: Over the last 10 years, Northbridge has been transformed through a number of government initiatives. This renaissance of the area began with the construction of the Northbridge underground tunnel, linking the west of the city to the east. The transformation of Northbridge has continued with the massive City Link project, which is currently underway.
Best streets: Homes which overlook parks in the area are tending to achieve a higher resale value because of the growing focus on outdoor living.
Public transport: In the Perth inner city area there is a free CAT bus system and Northbridge is part of this system. This means it is an excellent public transport resource for locals living in the area.
Main arteries: Northbridge is walking distance from the inner city and will be even closer when the railway dividing the suburb and the CBD area of Perth is sunk in just a few years. There is also relatively easy access to Perth airport via the Northbridge Tunnel and also the coastal beaches via the nearby Mitchell Freeway.