Professionals WA chief executive David Hobbs recommends investing in a unit within 4km of the CBD. Source: News Limited
HOMEOWNERS are giving up on the great Australian dream of a big back yard and turning to inner-city apartments.
Industry experts said traffic congestion and busy work schedules meant an increasing number of West Australians saw city apartments as more convenient.
Professionals WA chief executive David Hobbs said if he had $500,000 to invest in the next 12 months he would be looking for a unit within 4km of the CBD.
"With the traffic jams on freeways and highways in and out of the city, city living is very appealing," he said.
"Low vacancy rates and a shortage of accommodation in Perth's hotels and motels give investors and company executives all the more reason to look at units close to the city. Other areas I would be looking to invest in would be Victoria Park, East Perth, Mt Lawley, Burswood and Highgate.
"The rental market continues to be stretched, with Perth's median rental rate for houses at December 2012 at $489 a week, and $436 a week for units."
Realmark director John Percudani said the popularity of inner-city living was growing as cities became "more vertical and less horizontal".
"At the moment there is a trend towards inner-city living, particularly in apartments even one-bedroom, one-bathroom apartments in the Adelaide Tce and East Perth precinct," he said.
Peter Wright, of inner-city apartment specialist Real Estate 88, said the modern lifestyle suited apartment living.
"Perth has been going through a lifestyle change for the past five to 10 years," he said. "Instead of buying a quarter-acre block with a big back yard, people want easy-maintenance, lock-and-leave places.
" They want to be out socialising or doing things instead of mowing the lawns or cleaning the house."
Mr Wright said there had been a definite increase in sales in the $500,000 to $800,000 range over the past 12 months, but properties worth more than $1 million were still on the market.
Apartments were most popular with investors, downsizing baby boomers and middle-aged professional couples working in the CBD.
Supplying higher-density housing in central Perth was a key directive of the Barnett Government's Affordable
Housing Strategy 2010-2020 to keep pace with WA's growing population.
According to independent government authority Landgate, 1047 units were sold in the central metropolitan area in the past 12 months. East Perth was the best performer in the region.
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