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Homeowners in Perth’s popular suburb have been inundated with communications from eager buyers and investors keen to take advantage of the opportunity to snap up the house.
Real estate agent Corey Adamson said one owner had nine letters of interest from people wanting to buy his Tuart Hills villa.
Adamson said as housing prices became more expensive, many investors and buyers’ agents were turning their attention to houses and apartments.
“Villas in the city centre and northern corridor are the next best option and people are struggling to build them,” he said.
“Some of my clients didn’t do anything with the villas, but they almost doubled their money.”
Adamson said investors could make a tidy profit with a lick of paint, replacement flooring and curtains.
“Often these properties were built in the 1960s, 1970s or 1980s and have not been touched for a long time or have been rented out,” he said.
“If you own a villa in a cluster of eight or fewer, you’re probably sitting on a gold mine.”
According to the Domain House Price Report for July, the median house price in Tuart Hill is $525,000, up nearly 13 per cent year on year, but apartment and house prices have soared, up 32 per cent year on year to $367,500.
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