Mirabooka, West Leederville value

MIRRABOOKA and West Leederville have emerged as the best value suburbs in Perth to buy houses and units, respectively, according to a new report.

The St George Bank National Hotspots property report, prepared by analysts RP Data, ranks suburbs based on a range of factors including surrounding suburbs’ value, local amenities and the demographic mix.

In the two Perth locations chosen, a number of common factors stand out, including strong relative pricing (in terms of long-term annual house price increases), renovation potential and close proximity to retail and transport amenities,” St George Bank chief economist Besa Deda said.

The median price in Mirrabooka came in at $365,000, according to the report, with a 4.3 per cent growth rate during the past 12 months. But the average annual change in median price during the past 10 years was 13.1 per cent.

“The Mirrabooka housing market appears to have solid prospects for future capital growth,” the report says.

“The suburb shows relative affordability compared to most of the surrounding suburbs.

“Many of the houses show considerable renovation potential, which is an excellent way to boost their value.”

Houses within Mirrabooka recorded relatively low vendor discounting of -5.6 per cent, the report says.

For West Leederville, the median price of units was $285,000, according to the report, with an annual average change in median price of 16.3 per cent over the past 10 years.

St George also rated the prospects of West Leederville’s future capital growth as “quite solid”.

“The local unit market shows relative affordability when compared to most of the surrounding suburbs and those a similar distance from the CBD” St George said.

“The unit offering shows considerable scope for renovations which can help to boost the capital value and the current yields are likely to be quite attractive to investors.”