Midland is in the bottom 20% in WA when comparing median price capital growth over the last year. Midland gave property investors a dismal capital gain figure when compared to the rest of the state, with 4.24%.
Over the longer term, Midland has seen property prices show investors a -5.38% return over the last 3 years. This is an improvement over the last 12 months
Property buyers and investors in Midland 6056 should be seeing an average reduction in asking price of around -7.53% . This means that Midland is holding prices well when compared to other suburbs in WA.
On average over the past year, suburb has had 7.33 sales per month, which equates to 88 per year.
Renters in Suburb are facing rents around $16640 per annum or $320 every week.
WA has seen average median house prices change by 7.87% which means that Midland, 6056 has done well for property investors by showing a capital gain of 0.00% over the last year
Over the longer term, Midland has seen property prices show investors a -17.27% return over the last 3 years. This is an improvement over the last 12 months
Property investors looking for a bargain in Midland should be aiming for at least -5.65% off the asking price, which is the average vendor discount being achieved at the moment.
In the last year 71 properties changed hands in Midland, which puts it as the 32th most active market in WA when comparing the number of sales per suburb.
Midland, 6056’s gross rental yield is 6.78%
Information supplied by:
Dom Italiano
Magnet Realty
M
08 9295 3474
O
0413 477 631
W
www.professionalsmagnetrealty.com.au
E
dom@professionalsmagnetrealty.com.au
Selling points: Midland is undergoing an exciting urban renewal program managed by the Metropolitan Redevelopment Authority, which is revitalising the historic area. A sum of $1.2 billion will be injected into the local economy over the next 20 years, creating around 7,500 jobs. Some of the major facilities that will be established in Midland include: police complex, GP super clinic and a new hospital. The Midland shopping area is one of the premier shopping areas in Perth, having a complete spectrum of retailers and bulk goods retailers. Housing varies from the million dollar properties with river views to first home buyers further east, with units and villas closer to the centre of town.
Most sought after properties: In the current economic conditions, two-bedroom units and three-bedroom houses that appeal to the first home buyers are selling well.
Most common properties: Fully detached homes are predominate, however group housing of between six and 20 strata units are becoming more important.
Top amenities: Midland has the complete set of amenities, from large shopping centres to corner stores, public and private schools, with the prestigious Guildford Grammar School only minutes away. All the amenities are on either a bus route or the train line. Located on the doorstep of the Swan Valley wine region and the Darling Scarp, there is a huge array of entertainment, dining and recreational facilities available. It is also only 30 minutes to the airport
Local industry and business: Residents commute to Perth or are employed in mining and fly in fly out; plus there are the state government administrative offices such as Landgate and the police complex. The Swan Districts Hospital is a major employer, as are retailing, hospitality and heavy and light industrial enterprises headed by the Midland Brickworks.
Recent changes: Major changes the CBD mainly driven by the Metropolitan Redevelopment Authority. The State Government Railway Workshop area has been rejuvenated into a land mark heritage area. Midland is at the junction of three of the states major freeways that have been recently upgraded to handle the ever increasing traffic.
Best streets: First home buyers should look at the area south of Morrison Road, because it is affordable and close to all amenities, including public transport. Buyers in the $600,000 to $900,000 range should look at the revitalised Woodbridge area, being close to public transport (trains and buses) and boasting some magnificent new homes that will add value to the area. There are limited opportunities for lots with Swan River views in the Viveash area. Scarcity and river views underpin the value.
Public transport: Excellent, buses and trains are within walking distance for most residents.
Main arteries: Midland is at the junction of the state's three major freeways, which provide excellent access to all areas. For example, it’s 15 minutes to the airport, 30 minutes to Perth CBD, 15 minutes to the Swan Valley, 15 minutes to Eastern Hills and 40 minutes to the nearest beaches.