Professionals The Wright Team
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Koondoola, a northern suburb of Perth, Western Australia, covers approximately four square kilometers in the city of Wanneroo. A location just 12 kilometers from Perth, a housing market made up almost entirely of modern houses and seven parks plus a scenic stretch of bushland make Koondoola a popular neighbourhood for families with young children. Local schools and numerous junior sports clubs also make Koondoola an attractive place for parents of school-aged children.
The 2011 census found 3,897 people calling Koondoola home, a five percent increase in population from 2006. The median age of the suburb’s residents is 32, and the median weekly household income is $947. Most Koondoola households (46 percent) are occupied by couples with children, with 16 percent home to child-free couples and 14 percent to single parents. Single people account for 10 percent of Koondoola households.
Almost 90 percent of the properties in Koondoola are houses, most of which were built no earlier than the 1970s. The remaining 10 percent is made up of duplexes and town houses. Approximately two-thirds of Koondoola properties are owner-occupied, leaving the remaining one-third as rentals. Out of 1,498 properties in total, 113 are unoccupied, giving Koondoola a vacancy rate of 7.5 percent.
Koondoola Housing Market Trends: Sales
Real estate agents in Koondoola are noticing slight fluctuations across all market indicators as of the first half of 2017. In general, housing prices have stabilised, with the median house price as of July 2017 at $360,000. This represents a dip from 2015’s median price of $431,000 (the peak of recent years’ prices) and 2014’s median price of $400,000, while staying higher than 2013’s median price of $341,000. Over the past five years, the market variations seen in Koondoola are roughly in line with those of the Perth Metro region as a whole.
A more detailed illustration of 2017’s trends shows a rebound for lower-priced properties, with the sales volume for houses priced under $500,000 increasing by 12 percent. When viewed simultaneously with this particular trend, the overall stability of the median home price indicates a strengthening market overall.
Koondoola’s growth rate over the past year is at -6.3 percent, compared to -2.8 percent for the Perth Metro region. However, the suburb’s five-year growth rate of 3.9 percent is considerably stronger than Perth Metro’s two percent. Looking at the longer-term pattern, the 10-year growth rates of Koondoola and Perth Metro are almost even, with Koondoola’s measuring at 1.6 percent and Perth Metro’s at 1.8 percent.
In terms of sales volume, Koondoola’s total number of property sales is up compared to both 2015 and 2016, although it is yet to reach 2013 and 2014 levels. The average duration from entering the market to being sold for a property in Koondoola is 61 to 90 days, with a median duration of 68 days. Koondoola properties for sale average 120 visits per property before being sold.
Koondoola Housing Market Trends: Rentals
Indicators from the December 2016 quarter showed an increase in rental activity in Koondoola, with vacant rental homes being leased one week faster on average than in the December 2015 quarter. Overall rental activity was up 23.8 percent over the same period. As of early 2017, the rental vacancy rate has also been declining.
Koondoola’s median rental rate, as of July 2017, is $290 per week, with three-bedroom houses fetching $280 per week and four-bedrooms going for $340 per week.
If you are thinking of buying into the area or selling your home, get in touch with a real local agent to understand the market even better. Call Justin at Professionals The Wright Team (9349 4655) and speak to the friendly team for advice or even a free, no obligation market appraisal and find out what you property is worth.
Professionals The Wright Team located in the heart of Balga & services the entire region with a particular focus on suburbs including Balga, Girrawheen, Westminster, Mirrabooka or Koondoola.