Investment property in Koondoola has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -10.47%
If we look at median property appreciation over just the last three months, Koondoola has given property investors a paper return of -0.93%. This puts Suburb as 288 on a list of fastest fasting appreciating suburbs in WA
Property investors looking for a bargain in Koondoola should be aiming for at least -12.61% off the asking price, which is the average vendor discount being achieved at the moment.
With the median price for a house in Koondoola being $265000 and the advertised rent reaching $280 the gross rental yield for property investors calculates out to be 5.49%
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Some 15km north of the Perth CBD, Koondoola is a small suburb, relative to its neighbours. It also has much smaller prices. Nearby Alexander Heights’s median price is $90,000 more expensive ($425,000), as are median prices in other neighbours: Wanneroo ($405,000) and Landsdale ($504,000).
Offering similar sized properties in the same region of Perth, certain figures indicate that buyers may be noticing the relative affordability of Koondoola within the region. Auction clearance rates are at 100%, indicating that properties that come into the market are well sought after. Vacancy rates are exceptionally tight at 0.25%, and properties in the area are well held onto – just 0.53% of the properties within the suburb are up for sale.
The favourable supply and demand situation aside, the area offers advantages that extent far beyond just being next door to less affordable neighbours. The CBD is easily accessible and the area is home to a mixture of modern and older houses – the latter set onto fairly larger blocks.
Memet Demiroski of Professionals Real Estate Group says re-zoning plans within the larger north Perth region may change the supply and demand landscape for suburbs such as Koondoola in a favourable way. He estimates property values to double over the next five years. “Koondoola is a fantastic entry point to get into the real estate market,” he says.