The latest research from real estate industry peak body Real Estate Institute of WA (REIWA) has revealed Perth’s top-selling suburb for 2019 was Lakelands.
The outer southern Perth suburb, which is located just 10 kilometres from Mandurah recorded a 36% increase in sales activity in 2019, according to REIWA.
REIWA President Damian Collins said while the property market experienced subdued conditions in 2019, it is positive to see some suburbs improved during the year.
Peter Vetten, Principal of Raine & Horne Mandurah, explained that the sales activity spike is linked to Lakelands’ status as a modern development. Built by developer Peet, Lakelands was named the best Masterplanned Development in Western Australia at 2019 Urban Development Institute of Australia WA’s gala dinner in September[i].
Lakelands Estate is a methodically planned development integrating new housing with seniors living, retail and commercial activities, civic uses and education within an attractive natural environment. More than 1,400 households now call Lakelands home.
There have been more land releases as well as the retirement village, which is selling very well. It’s also about to get its train station, and this announcement has made a difference.
The wider Mandurah region is benefiting from Lakelands because of the ongoing building activity as new land is released. Peter explained, “Lakelands is creating job opportunities for locals, which helps support demand for the local sales and rental markets.”
Looking ahead, Peter said the Mandurah market would improve on the results of 2019. “We had more turnover in 2019 than the previous year, and we expect this trend to continue,” said Peter. “With historically low median house and unit prices, Mandurah is very affordable, and the improvements to the foreshore, shopping centres and general amenity is helping to attract new buyers and particularly retirees.”