Hegney Property

Reporter: Natalie Bonjolo

Gavan Hegney says “$400 000 today only gets you the average property” Scott Watters says “look its gone crazy everyone knows that, look it's been pretty amazing times for Perth property in general” Who would have thought? Property prices in sleepy Perth, would one day catch, even pass those in the Eastern States? Gavan Hegney says “the median house price today is over $400 000 in Perth which was unheard of years ago.”

2000 celebrations.... remember this? What a great party...and what about when Cathy Freeman knocked them out in Sydney? The year 2000 was a bewdy...and, when we tell you what property was worth then, and what its worth know, you're going to wish you bought the whole street. The millennium, and the median value of a home was $144 000. In 2003, it cracked the $200 000 dollar mark. A year later, it hit a quater of a million dollars. Last year it smashed its way through the $300 000 dollar barrier. Since then it's gone gangbusters. Up a whopping $100 000, in the past twelve months.

Gavan Hegney says “get into the market sooner or later because prices are growing at a faster rate than the ability to save.” If recent sales are anything to go by, property analyst Gavan Hegney says there's no sign the bubble's about to burst. Other than Sydney, WA's the only State to exceed the $400 000 median house price. That's a long way off Sydney's $550 000, but Gavan reckons, it's not impossible for Perth to reach the same heights. Gavan Hegney says “were a lot smaller than Sydney, which means we're a far more volatile city, our prices rise a lot stronger and a lot quicker” Great news if you're a home owner, but what if you're still looking to buy? Scott Watters says “you can still get a good buy below the median house price, and we'll show you where” You may remember Scotty Watters from his days on the footy field. Now the former player's in the property game. “There are plenty of positively performing properties, but you want to get the best one you can” As a buyers advisor, he doesn't sell homes, just find them. In the US, seventy percent of people use independent agents, to house hunt for them, we asked Scott to do some legwork for Perth families. “We are very fortunate that there are properties still available that present very good value” They're the suburbs Scott says are on the brink of the boom. “Just being up here you can actually see the way development stretches north and south”

With the new railway line south, and proposed freeway extension north, he says it's the suburbs in their path which will soar. Yanchep. It's an hour from the city, but once the new roads are built, Scott says it'll be suburbia, with prices to match. Scottie says “that will take 15 to 20 minutes off the travelling time so that's pretty exciting for Yanchep” Another suburb in its path, only closer is Clarkson. Scottie says “we'll see population double there in the next 15 years and just have a look at the amazing development occurring there now, it really is a property hotspot” The median house price in Clarkson is $250 000, it's next door neighbour is Mindarie. Where the average house fetches $450 000. Scott says this three by one brick and tile in Clarkson is good value, at $325 000. It's still $125 000 cheaper than the median home in Mindarie. If it matched it's neighbour, that's a 40% increase. So Scott's tips for suburbs for the north are Clarkson, Padbury, Quinns Rock, and Yanchep.

And he says the same principal applies when searching for a suburb to buy in, in the south. This house in Warnbro is on the market for $365 000, compare that, to prices being paid in other coastal suburbs such as San Remo, where the median price is $459 000. Scott says “the surrounding suburbs have had particularly good growth over a number of years and we expect that to continue” Scott predicts the three by two will outperform the average property growth, because of it's location. Two's from schools, shopping centres, and right next door to the new southern train line. “Probably the real kicker for this house is within 300meters there's a train station currently being built so when petrol prices kick up over the $2 mark this location will become even more important” So for his best buys in the south, Scott says look at Waikiki, Falcon, Safety Bay, and Warnbro. Gavan Hegney says “although it's a bit like a bargain basement, there are some very good areas and very good properties that have been missed in the whole process” If your already stretched, Gavan says you should consider stretching a bit further. If interest rates rise as predicted, it's only going to get tougher. “Prior to the interest rate rise a person on the average income in Perth had between $350 000 to $400 000 to go shopping, after the interest rate rise they will probably have $325 000 to $375 00“ Even so, a bit of clever hunting will unearth the little gems. You need to know where to look. Gavan Hegney says “I see suburbs at the moment that represent excellent value for money; they will remain whether interest rates are 7%, or 7.5, so there still are some very good areas out there that are worth buying”

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