Claremont apartments retain premium value
Analysis of 593 settled apartment sales from January 2017 to April 2020 by property specialists PropertyESP has shown that Claremont continues to maintain its premium price point in comparison to its neighbouring suburbs of Subiaco, Floreat, Jolimont and Shenton Park.
Representing 53% of the total sales for that period, Claremont continually demonstrated an $80,000 - $100,000 premium over its neighbouring suburb Subiaco, regardless of apartment size.
Furthermore, three bedroom apartments continued to demonstrate their superiority by commanding a 45% premium over two bedroom apartments overall.
PropertyESP Director Samantha Reece stated that 50% of all the 3 bedroom 2 bathroom property sales could also be attributed to Claremont.
“Since 2017 Claremont has also seen 2.7% increase in median price demonstrating that premium suburbs are tending to defy the overall Perth trends and appreciate in value,” Ms Reece said.
“There is no doubt that the development around the Claremont oval and the additional amenities that have been provided have had a significant influence on property values and buyers in this locale should feel confident with their purchase.
“What was interesting to note was that developments in these areas that also offered cafés and roof top terraces demanded a further premium, and this is purely linked to lifestyle and convenience.”
There were also only 11 resales across the five suburbs during the three year period and rental yields for Claremont as of May 2020 represented 4% with Subiaco/Shenton Park at 4.5% reflecting excellent returns.