UPDATE: A suburb in Perth, formerly known as “Hell City,” has officially entered the million-dollar property market, with the average home price skyrocketing to $1,101,726. This remarkable transformation is confirmed by new data from real estate analytics firm Cotality, showing a significant 14% increase in property values over the past year.
Once notorious for its rough reputation in the 1960s and 70s, Willagee has undergone a significant gentrification process. The suburb, which once housed infamous criminals such as serial killers David and Catherine Birnie, now boasts a vibrant community and a median property value that has crossed the seven-figure threshold.
Real estate economist Kaytlin Ezzy attributes this surge to the appeal of large land blocks in an established area, stating, “Part of the appeal are the big blocks – which is a much, much rarer thing to have these days – in an established location.” The shift in perception has been evident among former residents, who have taken to online forums to reminisce about the days when graffiti reading “Hell City” marred their childhood neighborhoods.
With property values across Perth climbing 82.7% over the last five years, Willagee is not alone in its ascent to the million-dollar club. The total number of suburbs in Perth with median home prices above $1 million has surged to 129, now representing 32% of the overall market. This marks a staggering 300% increase from just five years ago when only 31 suburbs were part of this elite group.
As families flock to Willagee for its spacious homes and proximity to Fremantle, the suburb is shedding its former image. The rise in property prices has led to discussions about the changing dynamics of wealth. “A million-dollar property may not be the status symbol that it once was,” Ezzy noted, highlighting that only 15% of Sydney’s real estate market is now valued at less than $1 million.
In addition to Willagee, 18 new suburbs have joined this exclusive market, including locations like Bouvard, Bayswater, and Jindalee. The regional property market has also seen growth, with six areas now boasting median prices above $1 million, raising the total to 12 regional markets.
This rapid evolution in property values signifies a dramatic shift in the Australian real estate landscape, driven by changing demographics and economic conditions. As the Perth real estate market continues to evolve, potential buyers and investors are urged to stay alert for the latest developments.
The question remains: what will the next chapter hold for Willagee and other suburbs on the rise? With such rapid changes, watchers are eager to see how these trends unfold.
