State's number one suburb revealed
The suburb which is most popular with potential buyers in Western Australia has been uncovered by a real estate portal.
Western Australia’s most-searched suburb is a mortgage-belt community about 20 kilometres from the Perth CBD.
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Canning Vale has been the most-searched suburb on the reiwa.com.au website since 1 January, according to the Real Estate Institute of Australia.
It has registered more than 700,000 unique property searches in that time.
REIWA president David Airey said Canning Vale appeals to home buyers because of its great lifestyle.
“Canning Vale is the biggest suburb in Perth and has been the top-selling suburb for a number of years, which is reflected in the volume of unique searches we have had through reiwa.com so far this year,” Mr Airey said.
According to CoreLogic RP Data, the median house price in Canning Value reached $615,000 at the end of March.
That came after 4.4 per cent growth over the previous year, 16.0 per cent growth over the previous three years and 23.2 per cent growth over the previous five years.
The weekly median advertised rent was $530 at the end of March, while the gross rental yield was 4.5 per cent.
Mr Airey forecast that Canning Vale would eventually relinquish its most-searched statys to Baldivis, a semi-rural suburb about 45 kilometres from the CBD.
“As Canning Vale matures it would appear that Baldivis is taking over Canning Vale’s mantle in terms of size and sales, so I would expect Baldivis, which came in at number 12 for the year to date, will start to dominate our searches more and more,” he said.