Property investors who have had real estate in Derby, 6728 should be relatively pleased with this WA suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 15.33%
A -35.93% growth in median value for property investors in Derby,6728 puts this suburb at number 7th in terms of best performing suburbs in WA
Property investors looking for a bargain in Derby should be aiming for at least -11.09% off the asking price, which is the average vendor discount being achieved at the moment.
On average over the past year, suburb has had 3.33 sales per month, which equates to 40 per year.
Advertised rents are around the $330 mark per week – giving a return of 9.92% based on the median price in Suburb
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While the bulk of Western Australia’s recent successes on the property front have been in the Pilbara region, Kimberley has been making a name for itself of late, and Derby is most certainly one to watch there.
What it’s got going for it, says Crawford Realty sales consultant Morgan Crawford, is a whole slew of government and resource related projects that are in the pipeline.
“There are quite a few government projects that have been proposed – a new prison for example. And if you have a look at RP Data you’ll notice that the rental market has tightened up hugely, and rental prices have jumped up 10-15% in the last six months,” he says.
Fuelling this rental growth is an extremely low vacancy rate. In fact, Derby’s vacancy rate has been at 0% for more than two years according to SQM Research figures.
As well as the construction of the $150m Derby Regional Prison, Derby’s property market is expected to benefit from the expansion of the Kimberley diamond and iron ore mines on Koolan and Cockatoo Islands, the proposed $550m Deep Water Port Facility at Point Torment, the proposed Browse Basin Gas Project and resource giant Inpex's $25bn Ichthys LNG venture.