At number 3246th in the list of Australian suburbs ordered by increase in median house value over the last year, Bull Creek, 6149 is in the BOTTOM 30% with a property value increase of -5.34% recorded in median house prices.
Over the longer term, Bull Creek has seen property prices show investors a -3.25% return over the last 3 years. This is worse than over the last 12 months
Property buyers and investors in Bull Creek 6149 should be seeing an average reduction in asking price of around -4.76% . This means that Bull Creek is holding prices well when compared to other suburbs in WA.
In the last year 76 properties changed hands in Bull Creek, which puts it as the 149th most active market in WA when comparing the number of sales per suburb.
A $440 per week rent on the median house gives suburb investors a gross yield of circa 3.27%, without taking into account capital value appreciation, which has been averaging out at 1.92%.
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Nestled near the banks of the Canning River, south of the Perth CBD, Bull Creek combines spacious family living with swift access to the city by road or public transport.
With some of the best schools in Perth and home to WA’s next flagship hospital, local agents are bullish on Bull Creek. “I can’t see any real negatives over the next five to 10 years [for Bull Creek]”, says David Ainger of Harcourts Prestige.
The suburb is just 12km from Perth’s centre with good freeway access and large lots that are likely to attract young families. The area is 84% houses with a median price of $627,000. Ainger says he is seeing movement in mid-range homes priced from $450,000-$700,000.
“It is pretty jolly good to still have good sized blocks and also live 11 minutes from the city by freeway,” Ainger says. He adds that Bull Creek “will probably be high-density living in the future,” due to the expected completion of the Fiona Stanley Hospital in 2014.
This $2bn facility is expected to be WA’s flagship healthcare facility, and the nearby Murdoch University and emerging commercial development projects further south in Jandakot City further enhance investors’ interest in the area, Ainger says. “The impact of these developments has all got to be good. The area is sought after, even now, and will only improve.”
Pricefinder data shows steady growth for median house prices in Bull creek over the past 18 years. Periods of minor negative growth have occurred in the wake of the GFC and uncertainty in Europe, but long term growth continues to trend steadily upwards. The numbers suggest now is a good time to buy, with growth set to return to positives in the near future.