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Leederville properties snapped up by buyers at fastest rate in WA

April 13, 2018

Leederville

Cafe-loving Leederville has become the go-to suburb in WA as properties are snapped up by buyers at the fastest rate in the State.

CoreLogic figures show a house in Leederville need only leave the “for sale” sign on the front lawn for 17 days before it is snapped up by someone keen to live a stone’s throw from the central business district.

With a median house price of $820,000, Leederville houses also sell more quickly than any on offer in South Australia, the Northern Territory, Canberra and most of Queensland.

The Property Exchange’s Ingrid Bradshaw said Leederville was a lively and vibrant suburb that benefited from its closeness to the CBD, good transport links and a strong local business community.

“Local businesses have really embraced the vibrant lifestyle. They’ve moved with the times and that’s added to the whole community,” she said.

Ms Bradshaw said the variety of properties for sale in the suburb also helped increase interest, with opportunities for first-time buyers, empty-nesters and professionals.

Leederville pips Trigg (18 days at a median price of $1.1 million), Shenton Park (19 days at $1.2 million) and Heathridge (21 days at $439,000) as the quickest place for a house sale.

But in a sign of the tough apartment market, the fastest sales at 35 days are in Claremont. Perth’s apartment market is the nation’s second slowest, behind the Northern Territory.

The CoreLogic figures come as research from the Reserve Bank suggests Perth home-owners are effectively paying a $202,000 tax on their properties because of zoning laws.

The research, which looked at the impact of zoning on house prices and the development of suburbs, shows that regulations that often restrict the size of apartment blocks or force developers to limit the number of homes in a particular area dramatically push up the price of housing.

In the case of Perth, the Reserve research suggests zoning pushes up house prices by $202,000. In Sydney, the “zoning tax” is almost $500,000.

The report authors warned that if demand for city housing continued, the impact of zoning laws on cost would grow.

“If housing demand continues to grow, as seems likely, then existing zoning restrictions will bind more tightly and place continuing upward pressure on housing prices,” they said

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