20/06/2006 - 22:00

Buyers drawn to affordable Maylands

20/06/2006 - 22:00

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The reputation of the near-city suburb of Maylands is clearly changing as young professional singles and couples look to secure affordable one- and two-bedroom apartments in the burgeoning riverside area.

The reputation of the near-city suburb of Maylands is clearly changing as young professional singles and couples look to secure affordable one- and two-bedroom apartments in the burgeoning riverside area.

Compared with the neighbouring upmarket suburbs of Mt Lawley and East Perth, which have median housing prices of $615,000 and $655,000 respectively, Maylands represents an affordable alternative for many new to the market.

Mayland’s first quarter 2006 median house price was $410,000, with one-bedroom units selling for as little as $160,000.

Located six kilometres from the Perth GPO, Maylands was first developed in the 1890s around the railway line. 

Gentrification and urban renewal of nearby suburbs such as Inglewood and Mt Hawthorn in recent years is now filtering through to Maylands.

Properties in the suburb’s riverside areas near Mercy Hospital, the lakes precinct on the peninsula, and on large blocks near historic Tranby House and Wall Street, are already attracting multi-million dollar prices.

Godwin David Moss real estate principal Brian Godwin said the demand for all types of property in Maylands was extreme and to such a degree that the agency was keeping a waiting list and had not placed a newspaper advertisement in six months. 

“Young ladies are buying up secure one-bedroom apartments and this was certainly unheard of 10 years ago. The demographics are changing,” Mr Godwin said.

Roy Weston Integrity Maylands joint director Michael Clay said he believed a third of buyers were new to the market and the rest were investors.

“People are surprised when they come here because they’re not aware that the river runs right around so much of the suburb and that there are cycle paths, parklands, public pools and a golf club within walking distance of any home,” Mr Clay said.

Graphic designer Jane Hrabec bought a two-bedroom apartment on Eighth Avenue in October 2004 for $120,000 and said her property could now sell for up to $250,000.

Ms Hrabec said she chose to live in Maylands because it was affordable and close to the river, was rising in value and had good transport links to the city.

“It takes me five minutes by train to get to work in the city and only 15 minutes to drive. The area around Eighth Avenue has changed so much with new cafes and landscaping going in,” she said.

The City of Bayswater is certainly on track to improving amenity in the area, with plans in place to turn Maylands into a major rival to East Perth and Subi Centro.

The council has started work on creating a boulevard along Eighth Avenue with street banners, paving, tree plantings that is attracting a good mix of retailers.

In what may be a sign of things to come, boutique developer Match is planning to develop a derelict building it bought in 2004, on the corner of Eighth Avenue and Whatley Parade, into ground floor retail and dining space with two levels of residential apartments set-back to the rear.

Match managing director Lloyd Clark said the proposed development was very much in keeping with a village atmosphere, and the developer had been mindful of the council’s desire to upgrade the precinct.

Bayswater Mayor Terry Kenyon said Maylands had come of age and the council hoped more vibrant retailers would be attracted to the area, creating a variety of alfresco dining opportunities to complement the boulevard.

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