05/08/2009 - 14:48

WA dominates top end property discounts

05/08/2009 - 14:48

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Western Australia's top end properties are among the most heavily discounted in the country's most expensive suburbs, according to new figures from RP Data.

WA dominates top end property discounts

Western Australia's top end properties are among the most heavily discounted in the country's most expensive suburbs, according to new figures from RP Data.

In its weekly update, RP Data said there is a resurgence of in activity at the top end of the property market following a lacklustre March quarter.

It said the median value of the premium property market is currently 8.1 per cent below the March 2008 peak, "evidence from the recent home value indices suggests the top end is following the broader market into a recovery".

RP Data senior research analyst Cameron Kusher said now was an opportune time to buy into the top end.

"The prestige market has suffered due to few active buyers and a higher than normal amount of stock on the market which has led to price falls and reductions in the asking price of many homes that are being advertised for sale," he said.

Applecross was the most discounted suburb in the top end of the property market with an average discount of 19.7 per cent for a house. The discount refers to the average difference between the original asking price and the ultimate selling price.

The median price of a house in Applecross is $2 million, RP Data said.

Swanbourne and Dampier rounded out the top three with an average discount of 18.4 per cent and 18.3 per cent respectively. The median price of a house in Swanbourne is $1.2 million while in Dampier houses are being retailed for $830,000.

Also included in the top 20 list were Mount Pleasant with a discount of 15.6 per cent, City Beach (15.6 per cent), Claremont (14.8 per cent), North Beach (14.7 per cent), Dalkeith (14.6 per cent), Mosman Park (14.5 per cent) and Scarborough (14.3 per cent).

In the units market, Cottesloe was the only WA suburb featured with an average discount of 10.7 per cent. The median price of a unit in the suburb is $810,00.

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