The City of Belmont is reaping the rewards of redevelopment after being listed as one of the top 10 places to buy in Australia.
It was a surprise inclusion in the latest Hotspotting Top 10 National Buys report, which assesses economic and property fundamentals such as infrastructure, employment nodes and urban renewal as well as lifestyle and interstate migration factors.
The City of Stirling was number one on the list, which also included Toowoomba, Greater Geraldton, Inner West in NSW, the Brisbane Olympic Precinct and the cities of Salisbury, Townsville, Hume and Geelong.
Highlights of the City of Belmont included the $2.5 billion expansion of Perth Airport, the $2b Forrestfield-Airport link and the $1.6b Tonkin Highway upgrade.
Its proximity to the Perth CBD, particularly East Perth, and the airport were also an advantage and it was recording increasing sales activity.
All its suburbs in Hotspotting’s price predictor index were in either rising, consistent or recovering markets.
“The suburbs of Belmont and Kewdale were both classified as rising, with Kewdale making the Top 75 Supercharged Suburbs,” Hotspotting director Terry Ryder said.
“The suburb of Cloverdale also made the report’s Top 50 Consistent Suburbs and is also the most affordable suburb, where the median house price is $490,000 and the median unit price is $355,000.”
Mr Ryder said Rivervale was the busiest suburb for property sales in the local government, recording 143 house sales and 327 unit sales in the year to May 2023, according to CoreLogic.
“The suburb has seen its median house price increase by 6 per cent during this time to $625,000,” he said.
“Rental yields for houses in the local government area are typically 4.5 per cent to 5.5 per cent.
“The best yields can be found in Cloverdale, where the typical yield of 5.5 per cent is based on a purchase price of $490,000 and a weekly rent of $480.
“Units are generally cheaper to buy and typically priced in the $300,000s. Yields are higher in the unit sector — usually about 6.5 per cent to 7 per cent.”
Despite its median house price dropping by 4 per cent, Ascot remained the most expensive with a median house price of $835,000.
City of Belmont acting CEO Stuart Downing said the city was proud to make the list.
“The City of Belmont is a liveable and loveable city just 6km from the Perth CBD and on the banks of the Swan River,” he said.
“It provides an opportunity for everyone to belong with a mix of people, businesses and ways of life coming together.
“We are known for affordable housing and maintaining low rates. We look forward to welcoming more residents and businesses into our area to discover why the City of Belmont is the city of opportunity.”
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Hotspotting general manager Tim Graham said the report featured a mix of capital city and major regional locations that showed sound capital growth potential.
“Many of these locations include more affordable city areas, but also precincts where apartments offer the opportunity to purchase into blue-chip locations,” he said.
“Also, the plethora of major infrastructure underway in major regional locations is underpinning property markets there now and into the future.”
Mr Ryder said price data in the first seven months of the year showed property markets were rebounding.
He said while national house prices dropped 4 per cent in the year to July, according to CoreLogic, many of the best buys’ locations identified 12 months ago had recorded double-digit growth since that time.
“Our report a year ago featured the City of Onkaparinga in South Australia as the number one pick, followed by Toowoomba in Queensland and the City of Rockingham in Western Australia,” Mr Ryder said.
“Those who bought the median-priced house in suburbs in those locations could have achieved capital growth of more than $100,000 in the past 12 months.”