Report from the expert who’s sold more than $100 million in Booragoon properties
Did you know that Booragoon’s median house price has now surpassed $1 million? Having lived, worked and raised a family in Booragoon and Mount Pleasant since 1992, I have witnessed first-hand the many changes that have happened in the area, including the redevelopment of Garden City Shopping Centre and the rezoning of properties, and all of the changes have contributed to the new face of Booragoon. I have sold many houses, some two or three times over, and feel privileged to have helped so many Booragoon families release one home and move to another. In fact, I have personally sold more than $100 million worth of property in Booragoon! So, it’s fair to say, I know the area like the back of my hand.
In this article, I share my professional observations about Booragoon from a property perspective and how average prices have changed over the decades to the point where they now surpass the million-dollar mark.
Here’s what I have observed…
- Booragoon is predominantly a family suburb. People move here for the family-sized houses, family-sized blocks and the community spirit.
- It has a highly desirable school zoning. Many people move to Booragoon to get their kids (or future kids) into the Booragoon Primary School and Applecross High School zones – or Rossmoyne High School in some parts of Booragoon – all schools that have consistently enjoyed excellent reputations over decades.
- It is easy commuting distance to numerous private schools, but if private school fees are not within the plan, there is comfort knowing your kids can attend a top public school.
- You get more bang for your buck. Booragoon is right next to prestigious riverside suburbs like Mount Pleasant and Applecross but is much more affordable, especially when you compare what you get for your money. For instance, many buyers compare buying a small 400-500 sqm block in the riverside suburbs to a 700-900 sqm block in Booragoon for a lesser price and choose the latter (I did it myself)!
- Its location is central and near transportation links making it easy to get to the CBD, Fremantle and the beaches.
- It is established and stable. Many people move into Booragoon when their kids are young and don’t leave until their kids finish Uni or leave home. They often choose to renovate, modernise or upgrade to a larger home in the neighbourhood rather than move elsewhere because they feel at home in Booragoon.
- The new zoning and redevelopment options in Booragoon allow owners to downsize when the kids leave home without leaving the suburb. They provide more opportunities for empty nesters to find a smaller, low maintenance home while remaining close to their ‘comfort zone’ – their doctors, familiar shops, neighbours and friends, etc. Some may even choose to redevelop their own properties.
- With change comes pros and cons. While some may not be happy with the new apartments, subdivisions and disruptions, many long-term Booragoon homeowners are happily benefitting from the new zoning changes as the value of their properties have increased substantially due to their new subdivision potential, providing a windfall to their nest egg. And superannuation rules have allowed retirees to contribute more into their super when selling their family home, so it’s a win-win.
- The capital value gains have been significant. Another great way to increase the equity in your 1970s or 1980s Booragoon home is to renovate and add value. I have witnessed and worked with many people who have taken this option and reaped the rewards. For example, I have sold two homes on The Ramble three times each over the years and, with the benefit of good maintenance and renovations, the following increases in value have been achieved:
- $500,000, then $873,500, then $1,062,500
- $720,000, then $1,295,000, then $1,340,000
- Supply and Demand. Booragoon doesn’t have huge swings in value, but neither does it tend to drop significantly during the downturns. Why? The tried-and-true adage: SUPPY & DEMAND.
- SUPPLY: There are 2,224 properties in Booragoon. However, at any given time, there are usually only around 1% AVAILABLE TO BUY. At the time of writing this report, aside from retirement villages and ‘buy off the plan’ properties, only 1.2% of all Booragoon properties are available to buy.
- DEMAND: There are always buyers wanting to buy into Booragoon for all the reasons mentioned above. I have buyers on my database who have visited my Home Opens for years, looking for the right home for them. One lovely family looking to upsize but stay in the suburb came through every suitable property I had for 10 YEARS! That’s how much they wanted to stay in Booragoon. Finally, I was able to show them the right home for them and they bought it the same weekend! There are MANY more hopeful buyers just like them.
All in all, Booragoon remains a stable, safe and family-oriented suburb that is a great place to live! As I said, I can personally vouch for that.
Have you been thinking of making a move?
The current market is the best it’s been in over a decade and the Median Price in Booragoon has just surpassed $1,000,000!
Could you benefit from my knowledge and experience? I would be delighted to see how I can help you with your real estate goals or if you would simply like a list of property sales in your street, please call me on 0417 963 670 for an obligation free chat.