Perth suburbs top national investment list

Perth has emerged as the hottest capital city location for property investment, with four metropolitan suburbs topping a list of the most affordable inner-city suburbs across the country.

Smart Property Investment’s inaugural Inner City Steals report, released today, identified 20 suburbs across Australia within five kilometres of CBDs where investors can pick up a property for less than $300,000.

The report ranked Highgate, Mount Lawley, North Perth and West Leederville as the top four suburbs.

No other WA suburbs made the list.

Report panellist and Australian Property Monitors senior economist, Andrew Wilson, said the prospects for the Perth market were strong, predicting median price growth of around 10 per cent over 2012.

“All the forward indicators have WA really breaking out of its trough,” Dr Wilson said.

“In the first two months of this year, dwelling loan approvals were 32 per cent higher in WA than in the first two months of last year. That is an enormous lift.”

SQM Research founder Louis Christopher, who also sat on the panel, also backed Perth as the country’s top metropolitan investment choice.

“In some of these suburbs wages have quadrupled in the last 20 years – tripled in the last 15 – and we know that the commodities boom in causing that,” Mr Christopher said.

“I’m increasingly a believer that Perth has seen its downturn now and we are entering a bit of an upturn.”

Source: WA Business News