Looking at the upmarket end of apartments and the biggest growth suburbs are those near water.
At Pierre Finance we have been checking out some facts behind the top two places that have claimed the hot spots.
Where apartment prices start at $500,000 there seems to be either lakes, rivers or beaches close by. Of course Australia’s most well known harbour is among the top ten list but North Fremantle in the west tops the list with a growth of 17.2% on 3 bed apartments in the last year
Sydney of course had to be there with its Balmain suburb coming second at 16.3% for 3 bed apartments also.
Why has North Fremantle topped the list??
The suburb is quite small, and the last couple of years there’s been some really classy apartment developments built. A particular nice one is on Swan River called The Cove and also Leighton Beach is now home to The Latitude. Both these two high-end developments have helped the areas growth.
As it’s a small area and it’s geographical situation have both helped to make it more exclusive. It has the beach, Swan River, great transport and reputable schools means it will retain it’s growth. The new developments have put it on the radar which is probably why it’s come up top.
It’s clear to see that the waterfront properties are the attraction but it also seems to have a warm community feel to it. There’s no grand private walls up everywhere like in some high-end areas.
Sydney suburbs are still on top and Balmain seems to be the place to be. The waterfront developments have attracted the downsizers and are still becoming increasingly sort after. Investors have bought in but it’s mostly people who really enjoy living here.
Another factor like North Fremantle is it is a smaller community as well as the water aspect. It has a safe community feel about it and people like that. It is becoming more and more established but still retains the growth.