Perth has the highest-ever number of suburbs in the million-dollar club, after prices in 15 new suburbs recently exceeded the milestone median.
Research from CoreLogic shows there were 56 suburbs in Perth with median house prices above $1 million in May this year, compared to 41 a year previously.
Adding to fears about the affordability of Perth property, the new research shows in the year to May, 13 per cent of sales recorded a price of at least $1 million.

CoreLogic research analyst Kaytlin Ezzy said the suburban median in the million-dollar-club is almost twice Perth’s overall house median of $555,538, following a 5.6 per cent price rise across the metropolitan area in the year to May.
The new million dollar suburbs appear to be popular for many of the same reasons as those that lead the pack — close proximity to water, big blocks, good schools and proximity to the city.
Suburbs close to either the beach or the river include Fremantle, South Fremantle, Hillarys, Karrinyup, Iluka, Como, Alfred Cove, Shelley and Burns Beach.

Good schools and proximity to the city are likely to underpin the popularity of some of the inner-city suburbs on the list, including Gwelup — which increased from $859,5549 a year previously — as well as Inglewood, and Mount Hawthorn.
Como specialist for The Agency, Vanessa Naso, said her patch enjoyed the benefit of a riverside and central location as well as big blocks and good schools.
Nine of Perth’s top 10 most expensive house markets were located in the city’s inner region, with Dalkeith recording the highest median value at $2.96 million.
It eclipsed Peppermint Grove, were the median is $2,824,616, and Cottesloe ($2,689,912)
Yallingup houses in the picturesque south west town remain the west’s only regional market to make the million-dollar list with a current median value of $1,620,473
The research found that nationally, 1,367 or 30.4 per cent of house and unit markets analysed in May recorded a median value of $1 million or more.
“High consumer sentiment, tight advertised supply, and low interest rates fuelled strong home value growth throughout 2021, resulting in a new record high annual growth rate of 22.4 per cent nationally over the 12 months to January,” Ms Ezzy said.
Herbert Street, Waipukurau
The
premises housing one of Hawke’s Bay’s oldest law firms,
other professionals and the world’s biggest submarine
sandwich franchise have been placed on the market for
sale.
The 2,126-square metre site includes a
1,350-square metre industrial-styled office building and is
located at No. 9 Herbert Street in the centre of the Central
Hawke’s Bay township of Waipukurau.
The original
industrial building was converted into an architecturally
designed law office, utilising the design nous of renowned
architects, KebbellDaish from Wellington. The result is an
impressive professional space with a strong underlying sense
of the district’s rural backbone.
KebbellDaish
describe the project on their website as an “idea farm”
which remains an appropriate description of the property’s
current mix of professional tenants who all have strong
roots in the rural community.
The renovation involved
an extensive upgrade of the exterior building envelope and
the construction of pod type offices within the large open
plan space. The extensive use of clear finished timber and
sound control systems in each individual office space
provides an effective and attractive aesthetic. The
macrocarpa flooring, stepped trellis, and baffles all nod to
the rural theme.
The main tenant is DAC Legal which
has been part of Hawke’s Bay’s business community since
1907 when a legal practice was formed by solicitor W C
Hewitt.
Also within the building is convenience food
retailer Subway, which is the world’s largest submarine
sandwich chain with more than 44,000 locations around the
globe – including 246 sites in New Zealand.
A
further tenant is project management consultancy firm
ProjectHaus who work alongside both central and local
government on land management and other projects.
A
branch of The Surveying Company HB is also located in the
building, and is a sub tenant of DAC Legal. The Surveying
Company have successfully completed thousands of land
surveys, subdivisions, and surveying-related activities in
New Zealand.
Rounding out the tenancy schedule within
the building is farming IT consultancy Cloud Farmer who
provides digital solutions for day-to-day farm
recording.
The land and building is being marketed for
sale by negotiation through Bayleys Napier. Salesperson
Kerry Geange said the property offered a true ‘split
risk’ investment opportunity with the five tenants
operating in various industries.
The land is zoned
Business 1 – Inner Commercial under the Central Hawke’s
Bay District Council Plan. The four lead tenancies generate
net annual income of $159,736 plus GST, and
encompass:
- Law practice DAC Legal on a lease
running through to 2024 with two further five-year rights of
renewal. generating annual net rental of $101,250 plus GST,
with rent reviews every five-years - Convenience food
outlet Subway on a lease running through to 2026 with two
further six-year rights of renewal, generating annual net
rental of $30,100 plus GST, with rent reviews every
two-years - Project management consultancy ProjectHaus
on a lease running through to 2023 with two further two-year
rights of renewal, generating annual net rental of $18,386
plus GST, with rent reviews every two-years - Land
surveyors The Surveying Company HB on a sub-lease to DAC
Legal
and
- Farm management IT firm
Cloud Farmer on a lease running through to 2024, generating
annual net rental of $10,000 plus GST.
The
property is located on a high-profile corner in
Waipukurau’s central business district in close proximity
to the town’s major retailers and service providers.
Herbert Street also comprises part of State Highway 2 which
runs through Waipukurau’s town centre.
The building
is serviced by some 30 car parks for staff and visitors and
it’s zoning underpins intensive commercial activities in
Waipukurau.
The sawtooth design of the building has
been highlighted as a feature allowing for high stud
ceilings and an expanse of natural lighting through the
clever use of part of the sawtooth angled roofline.
A
reconfiguration of some of the front offices and workspaces
has created separate modern work environments comprising a
mix of polished concrete, richly-grained wooden flooring,
closed and open-plan spaces. A feature has been made of both
the trellised steel beams and the original wooden beams
which span the overhead space that is lined with acoustic
dampening material.
Floor to ceiling hush glass runs
along the northern side of the building capturing all-day
sun in the cooler months and the integration of the northern
sawtooth overhang provides protection from the strong HB sun
during the summer months.
Meanwhile, Subway’s
footprint within the building is a replicative foodservice
format and is one of the company’s biggest sites in New
Zealand. The Subway premises include a dining floor,
public-facing food preparation benching, and walk-in chiller
storage units and staff amenities housed in the rear portion
of the premises.
With a population of 4,580 people,
Waipukurau is the largest town in Central Hawke’s Bay and
is only 6km from neighbouring Waipawa. State Highway 2 and
the rail line pass through the town which has a strong rural
support/service industry.
The Central Hawkes’ Bay
District Council identifies Waipukurau as an area of current
and projected growth in line with the district’s
unprecedented rate of growth in the past few years. The
Council forecasts the construction of 1,449 new houses and a
population exceeding 18,000 in Central Hawke’s Bay by
2031.
Click here
for more information on this
listing.
Aiden He
Rents of Grade-A office buildings in Central and Admiralty have risen over 2 percent in May from a year ago, Knight Frank said.
Rental growth in the two areas outperformed others in the first five months of this year with a moderate rise of 0.4 percent due to strong demand for quality space in the central business district, the property consultancy said in a report.
Tenants continued to take the opportunity to seek Grade-A buildings for workplace upgrades at stabilized rent last month and some sizable companies have created strong leasing demand for co-working space for greater flexibility, said the report.
Fuelled by the popularity of flexible and remote work arrangements, it expects more sizable firms to move into co-working spaces, making this a trend to watch in the next 12 months.
Despite bottoming-out signals in prime locations, rents in decentralized locations are still under pressure, with a high vacancy rate, Knight Frank said. North Point’s vacancy rate rose to 12 percent, and Wong Chuk Hang’s stood at 11.1 percent in May.
It expects overall Hong Kong Island office rents to rebound in the second half, with rental growth of 5 to 10 percent for Grade A offices in 2022 due to the stabilized pandemic situation and recovering economic sentiment.
Buying a home is a high-stakes game. But many first-time buyers do not realise the significant financial and legal obligations they are bound to once they sign an Offer to Purchase (OTP).
“Many buyers look to real estate agents as their first point of contact to provide them with guidance and information as they traverse the road to homeownership,” said Jackie Smith, head of Buyers Trust, a subsidiary of Ooba Group.
Smith said that estate agents in South Africa are committed to the interests of both the buyer and seller. However, buyers must be responsible and educate themselves on the financial and legal implications that come with signing an OTP.
“OTPs are legally binding and massively expensive for you as a buyer should you try to back out from the deal after signing. Therefore, you must ensure that you are adequately informed and prepared for the decision you’re about to make. Here is a set of questions with will assist you with the decision-making required,” Smith said.
Question 1: Have you calculated your long-term affordability?
Buying a home is a long-term financial commitment, with the most common bond repayment period being 20 years.
“Buyers must think long-term: Are you able to afford the costs that come with buying a property? Will you be able to comfortably afford your repayments every month? Can you still afford the property when there are interest rate increases? Will you still be able to afford the payments in the case of an unexpected life event?” Smith said.
The general rule of thumb is to not spend more than 30% of your gross salary on a bond repayment each month – even if you get approved for a larger bond. This percentage considers possible interest rate hikes and leaves room for living expenses.
“Long-term affordability is the most important issue to consider,” said Smith. “If a potential buyer cannot afford to finance the purchase of the property at a particular price-point long-term, it would be irresponsible for them to go further.”
Question 2: Do you have a deposit and where would you like it to be kept?
There are many benefits to putting down a deposit – Typically around 10% of the purchase price. Having a deposit will reduce the monthly bond repayment amount and can help you to negotiate a lower interest rate with the bank as you have proven your ability to contribute to the total cost of the property.
“It also helps buyers to stand out from the competition when multiple buyers are vying for the same home,” noted Smith
Once you have decided to put down a deposit, you must decide how you would like it to be managed as you have multiple options to choose from.
These options include:
- Paying the deposit into the transferring attorney’s trust account.
- Paying the deposit into the estate agent’s trust account.
- Having a guarantee issued by a secure third-party like Buyers Trust.
“Many estate agents prefer not to manage buyer’s deposits because of the extra admin associated with it and the need to up their security to protect the deposit from cybercrimes such as phishing,” said Smith.
“Thus, buyers should be aware of the third-party alternatives available when it comes to managing the deposit, such as the service offered by Buyers Trust.”
Under Buyers Trust, you receive a competitive return on your investment and deposits are kept safe through the highest level of security measures. A buyer has 100% visibility of their deposit at all times and a free guarantee is issued to the transferring attorney.
Question 3: Do you have money set aside for the extra costs involved?
You as the buyer are responsible for the legal fees of the conveyancer, as well as paying the transfer duty to SARS.
In addition to these costs, you must factor in rates payable to the municipality, fees to the relevant banks and administrative costs incurred in the filing of paperwork.
As an example, here are the extra fees on a R1,500,000 freehold home calculated using Ooba’s transfer cost calculator:
- Bond registration cost (incl VAT): R29,394
- Bank initiation fee (incl VAT): R6,038
- Deeds office fees: R1,371
- Post, petties, FICA other fees (incl VAT): R1,400
Total bond registration cost = R38,203
- Property transfer costs (incl VAT): R29,394
- Transfer duty: R18,750
- Deeds office fees: R1,371
- Post, petties, FICA and other fees (incl VAT): R1,400
Total transfer cost = R50,915
Total extra costs: R89,118
“For more expensive properties. the extra costs involved in buying a home can be more than R100,000,” said Smith. “Given that buyers are legally required to pay these fees once the OTP is signed, it’s crucial that your estate agent sits down with you to make sure that you understand the total costs involved in the homebuying process.”
Question 4: Do you understand the terms of the OTP?
Finally, the somewhat obvious question a buyer should ask themselves before signing a legally binding OTP – do you understand what you’re agreeing to?
As a buyer, your estate agent will be able to explain the OTP carefully to you so you understand what you are going to agree to before you sign. “Pay close attention to the section in every agreement that lists fixtures (attached to the property, such as ceiling fans) that are excluded and chattels (not permanently attached, such as appliances) that are included,” said Smith.
Smith recommends that buyers inspect the property carefully before making an offer. “If you discover significant issues only after the OTP has been signed, you’re potentially stuck with a less-than-desirable property.”
“Finally, your estate agent will be able to help you to stipulate any conditions in the OTP that need to be fulfilled before you can complete the transaction. These could include the sale of your current home, or that the purchase is subject to your bond application being approved. This gives you time to acquire the necessary funding,” she said.
Read: Good news for home loans in South Africa – banks are still lending
After moving to Imperial Beach from Denver, Colorado last November, a dad and two of his sons saw a need for a bike rental store in town and decided to open one to fill the need. IB Rents has been in business for two months now. CJ Eatherton along with 18-year-old Caden and 23-year-old Cody are partners in the new business and working well together splitting their duties.
The family of five was very familiar with the area before moving, having vacationed in Coronado for 14 years. The Eathertons discovered Imperial Beach one year when they rented a house in Imperial Beach on Fifth Street. “We fell in love with the area, it grows on you,” said Caden Eatherton. “We wanted to open a business and saw that there were no bike shops around. We always came to Imperial Beach looking for bikes.”
CJ Eatherton started some market research and was also interested in offering e-bike rentals. IB Rents has two models of RAD Power Bikes, Runner 2 and Mission, in addition to beach cruisers. The shop also does repairs for all kinds of bikes and has a three to five day turnaround.
CJ Eatherton, who is still working full time at his job selling A/C units to hotels and large buildings splits his time and fixes bikes on the weekends. While he is the main bike repairman, he is teaching his two kids as well. “With a family of five I was always fixing bicycles. Then I had an opportunity to buy a handful of bicycles and sell them on Coronado marketplace when we came here from Colorado,” he said. When the idea of moving came about the family was onboard. “The boys were thinking of getting out of the snow,” he said. Eatherton has another son,Ty, who is a teacher.
While in business a short while, the word of the new store is spreading, said Eatherton, especially through the Chamber of Commerce. Now the local hotels are also sending their guests over if they ask for rentals – which is giving the store an influx of customers.
Both locals and visitors are heading to the store for rentals, and IB Rents has been doing a lot of repairs for locals. CJ Eatherton likes working with his kids. “Working with my kids has been good. They help with social media. Cody does the inventory and Caden is at the front desk,” he said.
In addition to renting bikes for all ages and accessories like kids seat, locks and helmets, the store sells beach items – towels, sunscreen, buckets, shovels, boogie boards, skateboards and bike accessories.
The family has settled in Imperial Beach near the estuary. “It’s a neat little town and it’s busy and getting busier,” said CJ Eatherton. “We fell in love with the city.”
Imperial Beach is getting more crowded now that summer is here, and CJ Eatherton said the store has taken a lot of reservations for July starting before the 4th. He recommends calling to reserve bikes ahead of time.
Customer Tim Varley stopped by to check on an e-bike repair. He has taken his kids’ e-bikes to IB Rents before for repairs and has been impressed with how quick the turnaround is. “He is a very nice guy,” he said of CJ Eatherton.
E-bike rentals start at $30, beach cruisers at $15 and kids cruisers at $10. Multi day and weekly rates are available, a military discount of 20% is offered. E-bike riders must be 16 years or older to operate.
IB Rents is located at 235 Palm Avenue. Call (619) 227-7734 or log on www.ibrents.com. Follow the store’s social media on Facebook and instagram.
Vol. 38, No. 25 – Thursday, June 23, 2022
A PAIR of estate agents took going the extra mile to extreme lengths when they jetted and drove close to 3,000 miles to ensure an elderly couple’s move made it over the line.
In a race against time, employees at the Ross Nicholas branch in Highcliffe flew to Spain and back in one day to secure a vital signature, driving hundreds more miles between locations and finally dropping off documents after an overnight trek to Newcastle.
The team pulled out the stops to ensure Arthur Faulkner and his wife, Margaret, who has Alzheimer’s, could relocate about two-and-a-half miles from Mudeford to Highcliffe.
Branch manager George Gosling said: “It was nothing about us losing our fees, or anything. We just couldn’t let our clients down. They are such a lovely couple and so badly needed this move.
“The mad thing was that in this day and age although all other documents could be signed online, the solicitor for this house sale still wanted the original signed paper document.”
The mission began on 9th June when he flew from Bristol to Murcia at 9am before driving another 125 miles to the villa of one of the vendors in the chain, which was hours away from collapsing.
Once the documents were signed, George drove another 137 miles to Alicante, getting on a plane at midnight.
When he touched down in Bristol at 2am he handed over to sales manager Ross Croucher who drove through the night to get the paperwork up to Newcastle by 9am.
Ross said: “We had a 48-hour window – if we didn’t get the documents signed, the whole deal would collapse.
“Our clients, Mr and Mrs Faulkner, are two people in their eighties and the husband is a full-time carer for his wife. They had been waiting months to downsize to a place with no stairs as it was safer for her.
“But they were in a chain which, if this man in Spain did not sign papers in time, would have collapsed – but he couldn’t get back to England.
“So we decided to go out to Spain ourselves then take the documents to Newcastle.”
The Faulkners, who have been married for 63 years and are both 83, were delighted at the service.
Retired butcher Arthur was full of praise for the estate agents, saying: “I have no idea what we would have done if the sale had fallen through. I need my wife to be somewhere safe.
“What George and Ross did is above and beyond. They were just amazing. I will never be able to thank them enough.
“It is unbelievable what they did. It shows just how much they care about people rather than just houses and fees.
“They knew our situation and they really wanted to help. They totally came to our rescue and saved the day.”
He is now planning to treat the estate agents to a bottle of champagne and a fish and chip dinner.
He said: “I cannot wait to welcome them to our new home.
“It was thanks to them that we have it and for me and Margaret it will be such an improvement to our lives.”