Mandurah Property Boom: 22% Growth Drives Demand in WA’s Coastal Housing Market
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Hey, we are back with the Real Estate Breakfast Property Podcast and the Australian Housing Market and streaming right now on Spotify and Apple Podcasts from Darwin to Canberra, plus all of those fantastic regional areas around the country, and there's plenty of them. Hope your weekend was a good one. We're back into another Monday, steering down the end of the month for March, the 23rd today. Happy birthday, Reese Witherspoon, who is blowing out 50 candles. Can you believe it? Titanic, on this day, 1998, they were dominating the Oscars with 11 Academy Awards and staying with boats. Australia won in 1983 the America's Cup. That really did reshape a national pride and economic momentum, including confidence in the property market.
Can you remember? If you're listening, we'd love to get your thoughts on that. Our email, as always, is myrealestatepodcast at gmail.com. Now, one of the most interesting property stories right now is happening just outside of Perth. The coastal city of Manjura, this has quickly become one of the hottest housing markets in Australia. Over the past year alone, home prices have surged more than 22% well ahead of the national average. What's driving it? Well, a mix of affordability, lifestyle appeal, that is in there, and a shortage of homes on the market. Remember, when more people are chasing fewer homes, that's always where price pressure starts. So let's take you to WA, where we are joined by Ben Hatch from Harcourts in Manjura.
And welcome to you on this Monday morning to the Real Estate Breakfast. Yes, it's very close to Perth. That travelling distance, what, just over 70km? And tell us the drive time.
Yeah, and thank you for the lovely greeting. And yes, I turn 50 next month. So congratulations to me and Reese Witherspoon. Great to know I'm up with her. Yeah, definitely the time from Perth to Mandurah. You're looking by car, it's about an hour and 15 minutes. So give or take. And then train, you're looking at around 55 minutes directly from Mandurah to Perth.
Your area, it has really grown in numbers because the greater Mandurah city population is almost at, look at that, 100,000 people and the suburb of Mandurah, it is almost 9,000, so plenty of people coming into the region.
There certainly is. There certainly is. And it's a great place. Just the layout of Mandurah itself, there's great infrastructure, lots of restaurants. Waterways is a huge attraction. But Mandurah is so diverse. You've got Mandurah and surrounds, I should say. So you've got all your, as I said, your waterways, central living, you've got marinas, you have acreage properties. It is so diverse and everything's within a 15 minute radius of each other, which it's a great locality.
Kwinana, a very important word for your region. So tell people what that is.
You're talking about the Kwinana Freeway. So that certainly is. That's our direct access to Perth. Obviously, it's a lot of our population, actually, or community work in Perth and fly in, fly out, for instance, plays a huge part to our community, for sure.
days on market. The median days on market around 36. If you look at the rental yield, the current gross rental yield for houses in the area is 4.1% with a median weekly price of $550. So all of that points to positivity.
It certainly does. Well, Mandurah is great value for money. It's been a little bit of a sleepy hollow for really for up until really 2021, 2022 is when it started to be seen again. And then everyone appreciated for what it is for its tourism, etc. I think we've won the Tourism Award three years in a row. So it's the biggest day destination in Australia for tourists. It's definitely being seen now. And that's another reason why people are attracted down this way.
I just want to throw in a little historical price context over the last 10 years or so. If you go back to 2014, 2015, the median house range was $350,000 to $375,000. 10-year growth, 55% increase on houses.
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