WA Willagee vs Winthrop, Myaree, Melville

Apart from public housing why is there such a huge gap in median price.

Willagee 570k
Melville 797k
Myaree 735k
Winthrop 855k

Source http://maps.reiwa.com.au/#/marketView?location=-31.95285360,115.85733890&zoom=11

Any thoughts? Will this improve? Any potential in Willagee?

 

Willagee has the oldest housing stock out of all the suburbs listed.

Why do you ask "apart from public housing"? That's probably the main reason!

Anyway I wouldn't read too much into median suburb prices when trying to figure out growth areas.

 

Willagee just got rezoned, if you can pick up a property with R40 zoning for around $550-580K and develop you may be sitting pretty.
If you are looking to buy and hold, you will need deep pockets for Melville, Myaree, Winthrop and with the state of the current Perth market would make very sense to do this.

 

Did the zoning effect the median price? Seems like its R40/60 there in comparison with the others suburbs around mostly are R20.

reiwa.com - Suburb profile for Willagee The highest median recorded for Willagee was 622k. The others suburbs I listed always been higher than Willagee.

Could Willagee potentially catch up to Melville, Myaree, Winthrop? and why is Winthrop significantly higher priced? Any info?

I checked the public housing records and it seems like now only have 256 houses owned by the government. If the public housing numbers come down perhaps the median potentially rise to the 700k mark?

 

Yes it did when it was proposed.

Who knows, maybe sometime in the future.

The two main short answers are "Winthrop has better houses" and "Winthrop is a more desirable area".

Maybe, but that's pure speculation and only one factor in what is a huge number of factors that goes into the median house price.

Honestly, if you're trying to figure out whether buying into Willagee is a good idea, you're asking the wrong questions and looking at the wrong statistics. You need to be comparing like for like housing stock at the very least - median house price statistics don't help with that.

 

Winthrop is quite a nice suburb. I used to live in Murdoch.. 95. I will always remember Winthrop because I got called names several times when picking up some groceries in Winthrop.