Latest / The Follio Property Podcast / Perth Hottest Suburbs in 2025 | ft. Corey Adamson

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Perth Hottest Suburbs in 2025 | ft. Corey Adamson · The Follio Property Podcast

• 0:00
  Where's the next million dollar suburb in Perth? I think is a suburb that... Does the Perth market still have legs? The whole complex is getting an uplift.
• 0:08
  Each month from about January right through to that October period. How do we compare? I think we're right there. But what are some of your hotspots for 2025? Just liked it. It is Scarborough. What do you think drives that? I hope I'm not offending anyone. The Europeans who have bought those properties, they haven't moved. That was 1,000 square metres of house on 1,180 square metres. 1,000 square metres of house? Of house. Huge double score. Basketball stadium in there. That's it.
• 0:35
  You're listening to the Folio Property Podcast. I'm Rhys Beddle and I'm here each week with my co-host, Lachlan Delahunty. If you're enjoying the podcast, do us a favour, hit like, subscribe and leave comments so we can grow the channel and bring amazing guests like the man in front of us today. I want to welcome Corey Adamson, co-owner and director of the agency Perth Property Team. Anything else you want to add to that, Lachlan? Ladies, you make us look so ugly. The viewership might go through the roof here, but it won't be for you and I.
• 1:05
  Tough to follow. I'll take it. Thanks for doing that. Best looking guest by a mile. I'll slip you that hundred bucks later. Just come back from Bali too. So he's got a nice glow on him at the moment as well, which is good. Corey, welcome. I thought, you know, no better person to get into the building today to talk about the Perth property market. You look at a broad range of areas yourself and, you know, you've got your finger on the pulse in multiple areas.
• 1:30
  What's the current mood right now in the Perth market? First of all, thanks for having me, boys. And we do, myself, my business partner, Paul Tonic, he's been doing this 27 years. I've been doing it for eight years now. So we've got a model where we will sell at least anything and everything. We're very client-based. It's what we like to do. We like the referrals on that. The pulse right now, it's...
• 1:53
  I'm sure it's obvious to everyone, it's just hot out there and across the board as well. I think the telling sign for us that things are heating up is when that old stock that you think is never going to sell for whatever reason starts to sell.
• 2:08
  And probably breaking records as well. That's what I was going to say. So we've had, you know, multiple properties where they've sat on for longer than your standard, I think Perth's at 12 days or whatever it is now. And, you know, these are going on six to eight weeks. A lot of it's vendor circumstances. They might not be ready to sell yet. They might be waiting for something. But they end up selling, you know, one in Scarborough, they end up selling 200 grand above where we thought it was going to be in week eight of a campaign. Whereas, you know...
• 2:36
  years before if you're eight weeks into a campaign you're trying to figure out a way to get fired from it because it's just not selling but it's just yeah it's and that's across the board that's from you know things at the six hundred thousand dollar mark up to the mid twos that you know that's really our kind of sweet spot in in there
• 2:53
  In terms of that pulse check, if you're going to look at a dial on an oven, last year it was really manic for the most part of the year, right? It died off a little bit in November, December, but I think the hottest point in the market where we were really seeing two, 2.5% growth each month from about January right through to that October period. How do we compare? I think we're right there. It's an interesting one. I talk about it all the time. I think we're right there in terms of the sale price and the end price.
• 3:22
  The competitiveness of the actual volume of offers isn't the same as what it was. And just my theory on where it's at, people are so either used to or just sick of missing out on properties. If they don't think they're buying that property, they're reluctant.
• 3:41
  to make almost like buy fatigue it's now been in the market for four or five years people like i've missed out on that many what's the point of putting an offer for exactly right so it works you know in two ways obviously disheartening for buyers but it does put people in this bit of a mindset that okay if they walk into 123 smith street and they absolutely love it we're having those conversations to say how do i actually own this property they don't want to
• 4:06
  like starting low that type of thing is kind of gone now why would you waste your time and your energy and your emotions doing that they're coming in with a strong offer they may get a counter they may not but that's it you know that's their offer that they're putting on and it's not trying to go back and forth there's no games being played there's no negotiations that dragging out over days or sometimes weeks no one wants that we don't want that as agent and we like i know we always get seen as as agents it's easy to say that but we're buyers as well i mean i'm not
• 4:35
  My wife and I, we've bought two houses in the last three years. Our personal residences sold the other one. To get our previous one in Mount Lawley coming from Scarborough, we made offers on nine properties across seven different suburbs. And by the end of it, you're putting in an offer...
• 4:52
  not even thinking that it's going to happen. And that's how I ended up buying in Mount Lawley. We were only ever looking in Trigg, North Beach, Waterman's Bay. Ended up in Mount Lawley. Luckily, I fell in love with it when we were there. That's the nature of the market. And that's what people do. They look. And just for listeners outside WA, that's not a surrounding suburb that you've moved to. That's going from a coastal northern corridor, 30 minutes away, you know, in the north. And that's what the market does. So it's,
• 5:18
  And I'm sure you get disgruntled buyers all the time saying, you know, we would have bought it, you know, really disheartened and sometimes probably quite angry when they get so emotional. But you've gone through this. Yeah. And it is something that I try. I mean, you've seen my videos. I put a lot of this stuff out there because I do want to educate the buyers in a way that isn't kind of an elitist real estate agent just saying these things.
• 5:44
  There's a point, say if you are going back and forth with a couple of buyers, there is a point as an agent and for the vendors, you've got to stop it, right? Like that's the thing. We're getting these offers where if it is competitive between two people, we use a system where we always rank the offers. They know where they're sitting in that.
• 6:02
  And once it gets down to these $1,000 increments, at what point do you stop that? And it does happen where I will say, you know, we're presenting at 6 o'clock. I'm only going to rank it once more at 5.30. Get your best offers in. Somebody's buying that property and still the people that don't get it are upset and disheartened, as they should be. But once again, you can't keep that going on. No, and they'll probably come back with the comment, I would have paid more. I would have paid that price. Well, you didn't. And I gave you the opportunity. Yeah.
• 6:30
  and I've dealt with you on the other side of the equation where I'm trying to buy off you and you're always really, really transparent. And I think in a selling agent, that's all you can ask for. Given the opportunity, you gave me the same information as every other buyer. Well, then if I'm trying to be cheeky and trying to get it for a price that's not going to buy it, well, that's my fault.
• 6:47
  Yeah, and it's one of those things, there's been a lot of accidental geniuses and heroes in this market where they were just the ones that bought the property last year, two years or three years ago, and have gone and doubled their money on it. Yeah, there's a lot of investors out there that are experts on the back of luck, be it just time the market, time a particular pocket, but you would see on a regular basis, well
• 7:12
  some of the better transactions and what have you seen? Some investors, I guess, take advantage of this blossoming market that we've had. So I think in the properties that I sell, I don't get too much of the traditional investor stock, but the best investors, the most astute ones and the ones that we've dealt with, they're not just buying investor stock. They're actually buying traditional family homes. And I watched your video the other day,
• 7:41
  about one of your first purchases should be about that capital growth. That's what they're doing. They're buying properties and us dealing together, you've always said you guys pay market value, it's just about getting the properties. They're the ones that probably don't have the yield that you're gonna write home about. They don't have the investor yield. Exactly right, you're not looking at it, but these guys have bought in Mount Lawley, Mount Hawthorne, Leaderville. Family own occupier. Huge capital growth that,
• 8:09
  Then whatever they want to do, if they're going to sell that or they're going to pull their equity out and then look at something that does have a better yield. But a lot of it starts with these family homes. And I just think it's a great way to go about it. One of the first ones I ever did with a buyer's agent was in Mount Lawley on the corner of Fifth Avenue, which I ended up buying on.
• 8:28
  That guy at the time paid this huge price. We couldn't believe it. He looks like a genius now because he's probably made a million dollars in the last four years. Yep, and what seemed like a big price. And that's what I'm always saying. For the right product, for an A-grade quality asset, even if you have to pay more to secure it, over the long term it will outperform the market. 100%. Beautiful. Okay, I think...
• 8:49
  One of the things we were keen to pick your brain, we had a chat before the podcast, so I'm not catching you off guard here, was obviously we've talked through the stock and some of the feedback in the market at the moment. What are some of your hotspots for...
• 9:02
  It's a buzzword, hotspots. But what are some of your hotspots for 2025? What I thought would be good, we've obviously got another expert in the building, even though he's here every week, but go through your top picks, Lachlan's top picks, have a bit of debate about it. Well, it's an interesting time, right? We've had five to now six years of significant growth. I often get asked, does the Perth market still have legs? And hotspots, I hate that term, but areas that see, you can still see value. Where are those for you?
• 9:32
  So, and first of all, let me preface this, put a caveat on it. Expert does this in an analytical way for investors. Real estate agent, it's just about the emotion here. And this is what I see when people come in to buy, why they're buying in these areas. And it just so happens that the ones that I'm going to say have had this really good growth, whether that be through luck or whatever. First one, and I started my career...
• 10:00
  in the area, lived in the area as well, and I just liked it, is Scarborough. I know it's not, we spoke about that sub million dollar mark. There is a lot sub a million, there's a lot over that. There is still huge interest in Scarborough, whether it be a little villa, an apartment on Stanley Street, or a full block, whether it be the R30, R40, or something bigger in the old MRA zoning through there. I've always said it,
• 10:29
  You've got Scarborough here, you're surrounded, Trigg, Carinup, City Beach, Wembley Downs. There's gotta be money that's gonna flow. It makes sense. And if you speak to anyone from Sydney, they're like, it's the Coogee of Sydney, and everyone wants to be in all these other suburbs surrounding it was always undervalued in comparison. So like you said, when you look at it south, you've got City Beach, north of it, you've got Trigg, North Beach, all these three to $5 million sales that happen in there on a regular basis.
• 10:58
  And in Queensland, it's sort of like the Burley five to ten years ago. It was sort of a beautiful beach, beautiful location, same as Scarborough. And it has gentrified. It has become a desirable place to be. But I still think it's really undervalued. I think a strong part of Scarborough that is probably overlooked is the villas.
• 11:16
  three to eight, groups of three to eight through there that are no longer just for investors to get a yield out of, but people are buying them. And it's not just young couples, it's not singles. People are buying them as their family home and they're putting money back into these villas.
• 11:32
  And we've seen that these groups of six to eight, whether it be on Duke Street, Burniston, the whole complex is getting an uplift now. It can only be good for the area and some prices. I mean, looking at medium house price, 1.2, pushing 1.3, unit medium price, 7.3. So still value there from a unit perspective. And Stanley Street, that was my...
• 11:55
  First, it's changed a lot. That was my first house when I moved out in a share house. Wasn't the greatest street back then. But it's changed a bit now. That was the whole of Scarborough. My Nana grew up on, I think on Philburn Street, a big 1,012 square metre. And we bought, when did we buy Scarborough? Maybe 2014. And at the time we paid $645,000 for it.
• 12:19
  I never thought I was crazy for buying that. And once again, accidental hero, because we made some decent money on that. The lady who I sold it to, she actually then sold it about 11 months later for far more than that. She's a hero. Fun one to tell my wife about. But it's just, it is, and I think a lot of the, like that number, yep, the median at say 1.2,
• 12:41
  I still think that's skewed a lot for these development. We did one for nearly $3 million, right? And that's one of many of those big blocks that will be cut up at some point, but they're contributing to that. So I do still think there's some, nothing's a steal right now, but some good deals in Scarborough for the lifestyle. I think there is some steals there because it's undervalued. So there's one we picked up recently, literally two months ago, on Drabble Street for $488 million.
• 13:06
  two by one, we're looking at a $20,000 renovation, there's evidence selling for $650,000, you know, 30% uplift. So I do think for an astute investor that might be listening, I think that's a place where you can get sort of undervalued deals like that where you're still buying well sub-median and with some uplift, you know, those things that...
• 13:25
  built in the 70s or 80s have never had a renovation can be a real eyesore but the fundamentals are quite strong they're structurally it's quite solid you put a kitchen bathrooms and flooring down yeah you're selling back to that marker of a downsizer like you said 100 percent downsizers first home buyers um another suburb i don't know if i put it in there but it's say a group of suburbs through there and i just came from an appraisal so it's at the top of my head yeah
• 13:48
  Balcata right now for me is something that I've seen. I've seen the legs just keep growing in Balcata. What do you think drives that? Age and ethnicity. So it is a huge European...
• 14:04
  holding through Balcata. And I mean, I hope I'm not offending anyone. The Europeans who have bought those properties, they haven't moved from those properties. They're not trading. So I think Balcata as a whole, it's always been a good spot. It's in a nice area, you know, near Gwellop, near all these things. But without the transactions, I think it's almost had a false sense of where the money really should be. And we did it. We, you know, luckily enough, got appointed to sell...
• 14:34
  probably, I think, one of the best properties in Balcata. I saw it for $2.2 million, had a big 16-car garage underneath, lift and all that. A replacement on that, if you were to do it today, is probably $4 million.
• 14:47
  You wouldn't do that. You wouldn't spend $4 million. But at $2.2 million, that is one of the best houses that I've actually been into on a full-size block with city views as well. And then you trickle that down. You can get a full block with a three-by-one on it. Still that sub-million-dollar mark opens it up to development, to subdivision. But I do think the more that Balcata sells, the more that the older generation, whether the kids sell it or they sell it on the way through, it's going to drive the price through there.
• 15:17
  And there's something to be said about buying in areas with low transaction volumes. And I think that's really important. You look at your, you know, menorahs are really good examples. Yeah, woodlands. So these areas where there's low transactions, albeit the median house price won't report that it's had 20% growth year on year or any of those things because there is low transactions and sometimes it can be skewed. When there's scarcity like that, anything that does pop up will sell and sell beyond what, you know, what is deemed market value because there is no supplier.
• 15:45
  I remember, I'm sure people, the big one in Stirling, which Neighbours Balcatera, the Macri home there, it went over $4 million, which no one thought it was going. Once again, replacement, probably you wouldn't be able to replicate that, but at $4 million, it shows that people are putting money in these spots. Speaking of one outlier sale in a suburb that's close to me just through sport growing up, Morley. I think there's some money to be made in Morley.
• 16:15
  Once again, big blocks, possible subdivision potential through there. Older area where people don't leave as well. And it's just so close. As I said, I'm in Mount Lawley. We share the same shopping centre, unfortunately, as the Galleria, which needs...
• 16:30
  serious development development there but really cool discussion yeah the actual houses themselves on these big properties a lot of 70s homes like you said probably not the best thing to look at right now but get a bit creative spend a little bit of money on it you end up with a really nice house on a big block that you could probably cut up later on super well located right everything's close everything's at your fingertips no i definitely agree you had dinella there and yokon which are all i'm getting a similar trend that pocket i think you're
• 16:56
  It's all the same type of thing. Properties that have been held for a long time. Yokine interests me a lot. I think Yokine's almost like the Scarborough of the inner east through there. A lot of villas, a lot of apartments, and then just your random problem. We sold 16 Maldon Avenue, which is a half block, survey strata. Sold it for $2.9 million. Beautiful Azua built home. How many square metres of land? 426. 2.9? 2.9 million. 2.9 million.
• 17:24
  Everything in Yocon just went up 30%. And that's the thing. Then since then, I think Ray Wyatt sold one across the road, a far inferior home, but to cross the $2 million mark. There was a time when Yocon, to get $2 million, you had to have a full block on, is it Swan Street? Opposite the golf course. Opposite the golf course, and that was it. For us to get $2.9 million and just the most random buyer as well, lovely people.
• 17:50
  This whole place was double storey. It ran off an iPad. Two people in their 80s bought it. They came from...
• 17:58
  one of those monster blocks in Korean Glades down there, Greg. So they sold that for three plus, bought this. They obviously cashed up. Lock up and leave. Exactly right. Yeah. That's what they wanted. You know, they had nice cars that had a big triple garage with the pillars to lock the cars in. It made sense for them. And that's it. Every product's got to buy, right? And it's just matching those two things. Yeah. And I think on that area, Yokine, Chewett Hill, Dinella,
• 18:24
  Once again, the villas, six to eight villas. They're undervalued, aren't they? They're so undervalued. When you compare what you're having to pay to get those full blocks or the accommodation you're having to pay on those full blocks, I think, and I get asked all the time, where's the opportunity? There's still a big gap between established homes and these villa units. We are still getting, it's what people don't understand. So you sold that 425 square meter block for 2.9 million. You can still pick up a villa
• 18:54
  One of three on a total of 900 to 1,000 square metres is still getting 350 square metres of land value. So everyone's like, oh, but I don't get the land. Well, you do. It's just, you know, it's in the form of a survey strata or it's in the form of a built strata where you collectively own 1,000 square metres between three. But you still own that underlying land value, and I think that's often missed.
• 19:14
  I do too. And to go back to the other suburb, I think that's where owners in Scarborough have kind of clued onto that as well. These big, you know, they were 1,012 or 693 square metre blocks. They're happy now to own a portion of that.
• 19:30
  Maybe someday a developer comes along, probably not, but you've still got this underlying land value sitting there. Close to the coast. Exactly. And I'm seeing it where I am in Mount Lawley. Not that there's too many of them. I remember we spoke, actually. I think you acquired a whole triplex site through there.
• 19:47
  I talk a lot to the other people at the school where my son goes to primary school. Anyone on that kind of strata, built strata through there, they're now survey strata-ing it and they're going to go up. Yeah, you get 20%, 30% uplift overnight. Exactly right. There was one on there that piqued my interest was Baladjura you had on there. So that's a...
• 20:06
  a little bit further out than the other pocket. What interests you about Balagira? So Balagira is close to my heart, that's where I grew up, absolutely loved it, great childhood through there. Once again, I still think it's super undervalued just from when I've got the call back to sell some of those properties.
• 20:25
  The reason that I say that, and like with any stuff, there are pockets, right? The Lakes Estate in Balladjura at its time was, you know, world class. Had the lakes, these big properties, that. Now, if you're looking at a new land subdivision,
• 20:43
  Alchemos, Brabham, something like that, you are getting far less of a house and land and a lifestyle, in my opinion, there than you could picking something up in the Lakes Estate in Balladjura. Proximity, it's still very accessible. There's a train line there now as well.
• 21:01
  And I just, listen, I've got a soft spot for Balladjura because I grew up there, but that cul-de-sac living, these big, you ride your bike everywhere and it was just a great place. And as I said, I've now gone back into there. I sold one, which is my old next door neighbor's house on the Broadwater in Balladjura. I think we got $1.25 million for it, which was a huge price. Yeah.
• 21:27
  That was 1,000 square metres of house on 1,180 square metres. 1,000 square metres of house. Of house. Huge double score. Basketball stadium. It was an absolute monster. Where else could you do that for, say, $1,000 a square metre? It just wouldn't make sense right now. Like you said, the replacement cost on that, you couldn't. And once again, it's a theme that I'm continuing on here. When I was in that street on the Broadwater,
• 21:54
  I could go around, knock on the doors. It's all the same people when I lived there from years whenever, when I was born to year six. Like they just don't leave these properties. And once again, lower turnover in the pockets that I'm talking about.
• 22:11
  I just think once these big houses sell and people start going, okay, well, do I spend $1.3 million here or do I get something a little elsewhere? And once I say, I'm a big lifestyle type of guy. If you're buying in any of these, do it because you enjoy living there as well. As I said, my...
• 22:29
  my hot spots, my thing, it's not investor-based, it's from the ground level what I see with people actually coming through. What drives emotion? What drives that? Exactly. Well, fundamentally, that's what drives markets. You see waves of investor groups that will come in and saturate certain areas, which we want to avoid. When we invest, we avoid those areas, and there are my to-do-not-buy lists, and I think I've created one of those for today.
• 22:52
  because you're going to be led by market fluctuations. The investor groups come in, you'll see a huge influx of activity. Prices will inflate above what locals in that particular suburb can afford, and then they leave the market, and then prices must reduce to a point where those locals who have been there can afford. So you just get these market fluctuations, which is really dangerous. Yeah.
• 23:14
  And is that just for Balladjur? You're mentioning Balladjur. No, I wasn't saying, Vane. These investor-based areas might do not buy areas. It would be areas such as Armadale, Gosnells, areas that have been infiltrated by these buyer's agent groups that go in there and saturate entry-point markets. Gosnells, Kewdale, Mannington. They've been saturated by these East Coast buyer's agencies because it's entry-level for Perth. But now the flavour of those suburbs has got too expensive, so they've exited these markets.
• 23:44
  they're going back and trading back to own occupiers that can't afford those rates. So I've had a long time theory because I went through this. When I was younger, a professional athlete, I bought what was deemed to be a really good investment property in Joondalup, had a great rental yield, happy days. Then when I came back and I got delisted from West Coast and I had to actually live in a property,
• 24:10
  I didn't want to live in the house that I owned. So that is, for me, as an agent that's not investor-focused, my whole theory is buy in a place where if it all went to shit, you would actually still enjoy living in that property. If that's, obviously, if you're looking at investments elsewhere...
• 24:31
  happy days. But for me in that situation, knowing that I had a house that, you know, it wasn't a cheap place, but I did not want to live in that area. It forced me to sell that property. And then I bought in Scarborough, which great, it all worked out in the end. But, you know, if I had have just bought something
• 24:49
  in the area that I did like, I'd probably still own that property today and be better off in the long run, even though it didn't have the returns that we wanted. You couldn't be more right in my opinion because people don't understand the stats. Typically, their own occupier outperforms their investment portfolio on a percentage return because they take so much care in terms of where they want to live in terms of school catchment areas.
• 25:13
  what's going to drive, they want to be close to parks, they want to be close to the shopping centre. All these things that innately are really good investments because that's what the general population wants. So by buying where you think you would want to live because of what drives that area, school catchment zones, amenity, whether it's coastal, it's lifestyle,
• 25:31
  is the things you should be looking for when you buy an investment property because that's where everyone wants to go. And who's going to pay you more money? An occupier who's emotionally fuelled by the location, by the house, the style, the floor plate, or an investor's going to come through, pick the eyes through it, and you tell me?
• 25:47
  We are going a little off topic, but I think it's relevant. I had a big problem. I feel like it's less now. I don't know if Perth's just not the flavour of the month for over east, but I had a big problem the last couple of years where we would get calls from buyers' agents over east. Not one person in particular, but just anyone.
• 26:05
  And they were just trying to put people in properties, and they had no idea where. I would get calls, and they're like, we've got a buyer. He's got $550,000 to buy. Send us through something. We'll make an offer. And I'm like, where? Doesn't matter. As long as it was $550,000, they were going to buy that. And I'm like, that is...
• 26:22
  so careless to the fact that you know if it is as you said an armadale rockingham went absolutely crazy and you know still a good spot but if you're a buyer that bought there that doesn't want to live in rockingham at some point you don't know what you're in for and you know these are like i've dealt with with you guys doing this you care about you do your due diligence i just felt there was an influx of
• 26:45
  These buyers agents that were just trying to place people in properties. It gets even worse. I was speaking to an agent not too long ago that said he was getting asked what got the deal done. Hypothetically, it was $600,000. He said, how about I give you $680,000 and then you pay me that $80,000 back in a marketing fee? Jesus.
• 27:03
  Like, that's straight up crooked behavior. So there's some bad operators. I think it's important to highlight these sort of events because people don't know what they're signing up for. But not only is that client paying more, they're paying $80,000 more than what the property's worth.
• 27:19
  They're paying stamp duty on that. And then for them who I'm sure they're paying that buyer's agent a fee. And he's probably not here. He's probably not even seen these properties. He's in Melbourne. He's got no idea where he's buying. We've spoken about this on previous episodes on what to watch out for from a buyer's agent perspective when they are doing these.
• 27:35
  remote roles, sight unseen scenarios, it's just a red flag, especially when you're hearing horror stories like this. And being on the other end of that, you'd probably have concerns, right, because things can go wrong, building inspectors. We had one in Glendalow. The deal ended up getting done. It was just a little unit on, I won't say this straight because it's pretty obvious, but anyway, it was a little unit in Glendalow where a buyer's agent from over east
• 27:59
  said, no worries, we'll place someone in that. So he asked me the price for it. I told him the price that the vendors wanted. This was an off-market opportunity. He then sent through the contract without an entity on it and placed one of the investors that they work for into this property. And if it wasn't him, it was going to be...
• 28:17
  someone else and and that's why it was just a property that was quote unquote cheap there can be placed yeah and i know these properties it hasn't had great growth and it hasn't had a very good yield either and if they were you know a bit more diligent about what they were actually looking for they could have got a far better return somewhere else and yeah that's
• 28:36
  I don't know, it's something I don't like dealing with those. I'm a more face-to-face alike, you know, and I do think there's a lot of credit for a select few Perth buyers, which once again I've been very vocal about the ones that I like. Well, it's having boots on the ground because if you need to pick up the phone, you want to be able to see someone, talk to someone.
• 28:54
  And then you've got trust in the process, both on the buyer side and the sale side. It's going to be a smoother transaction for both parties because the buyer's seen the property. So not having those boots on the ground, that's when things go wrong. Because then if you have the final inspection, like what about this, what about this? It's very difficult if you haven't been through the property to pick up those innate details.
• 29:15
  All right, Lachlan, what about you, mate? Hotspots. Hotspots for you. No more comments from you, Corey, on any of those. I mean, you nailed a few extra ones in there, caught me off guard, but it was very fascinating because it does seem like there's a similar patch that you got your eye on for those people listening.
• 29:31
  Lock and Yed, High Wycombe. I like High Wycombe. Train line's there now. It's been undervalued for a long time. If you look at the sheer proximity to the city and to the airport, now with train line access, I think it's the first stop from the airport. So I just think you can get really good land content out there, 600 to 900 square meter blocks. Yields, healthy yields, rental returns there north of 4%. Affordable medium house price too. So that's probably one of the lower ones we've seen on the list at 710.
• 29:58
  Yeah, 7.10, right? Everyone's like, you can't afford unless you've got a million dollars. There's an area 20, 25 minutes from the CBD, five to 10 minutes from the airport. It ticks some boxes. You compare that to other cities, be it Melbourne or Queensland, Sydney when you compare airport and city proximity. Overlay those two things. High weekend's well placed. Yeah, especially, I mean, if you're FIFO as well and you're constantly going to the airport, you're right on your doorstep. Could be a nice location there for an investment for one of those guys as well.
• 30:27
  Any thoughts on that? I haven't actually done too much through High Wickham, but an area that I think has similarities that I've seen a similar trend to is Red Cliff as well. Big blocks, obviously close to the airport through there. And we have seen, we sold one,
• 30:44
  to a Sydney-based investor, but he actually flew over and this place, he had to take it completely as is. We had to get Rhys Conker's dad, Louis Conker, to come strip the place out. Yeah, do some works. But he bought that. I think he paid $6.30 for that now.
• 31:01
  And I've no doubt, even if it was in the exact same condition, he'd be up to a million dollars on that property there. Well, there you go. It's a good value. And then we touched on this pocket, but for those listening, we'll bring this up as well on the podcast. Southlake, Spearwood, Hamilton Hill. Similar location. What's kind of piquing your interest there? I really like this south east pocket. Obviously, you've got Orcus. Explain Orcus.
• 31:28
  $350 billion investment into the military base in Henderson. So there's a lot of talk that the impact of that's going to be huge in, say, Rockingham and Mandurah. I think the southern corridor of Perth will benefit more because people still want the ability...
• 31:45
  to you know say to live in perth right to live in that you know within close proximity to large shopping centers such as coburn you've got everything you need there you've still got really nice beaches in north coogee freemantle's probably one of the hottest suburbs or areas when you look at freemantle east freemantle south freemantle palmyra highway uh white gum valley would you say that for me it appears to be one of the hottest markets in perth
• 32:10
  And it has been for a long time now. A few years now. Yeah. You know, we remember we had one in South Rio, beautiful property, smashed the record for it at the time at $3.7 million, I think, which now, you know, you go down the street, you trip over a house that's worth $3.5 to $4.5 million. And as I said...
• 32:30
  So that was at the start of COVID, because I remember it fell over due to COVID. And then since then, it feels anything that we have got through that area is so hot right now. I think one of the first ones that we ever did on Oakover Street. Yeah, it was. If you looked at the price change on that, and that was a big price when we saw it, over $2 million for it. Yep.
• 32:51
  It'd be four now. Exactly right. And once again, 1,012 square metres, had a nice house on it, big pool out the back. And that was the medical buyers bought that one. It's just had such good growth. We sold one the other day, not to hijack your podcast, but in the old wool shearing building out there. And ours was a street front one. We got over $800,000 for that. We got...
• 33:19
  We post everything on socials. We got abused from the general public because we went from $800,000 and they're seeing a two-bedroom in this giant building in what they deemed not a desirable spot of Fremantle. We were inundated. On a Tuesday night, we had about 30 groups come through, multiple offers. So you abused from the public to try to get the best price you possibly could for your client.
• 33:42
  Wow. And it'll probably be locals as well. One guy was in the building. But I think it comes back to that buyer fatigue. People are frustrated. You have to excuse behavior. Exactly right. You can't be upset at them for that because things have, I mean, all the numbers that we're saying now...
• 34:01
  It sounds great on a podcast that things have doubled and was two, now it's four. There's a lot of people that just didn't buy. Yeah, and haven't bought. Or those that are younger that are trying to get in the market, because our job is to try to educate them on how to get in. Some of those pockets... Well, they're affordable. I mean, you look at the medium house prices, it ranges from $750 to $850 in all three areas that you mentioned. That's where I think there's a play, because...
• 34:25
  You're on the doorstep of Fremantle, that locality where everything's two to three. You've got everything in those pockets, a sub a million, but you've still got access to fantastic amenity in Coburn and Fremantle. And you've got this gigantic, essentially, pot of money that's going to be pumped into Henderson over the next 20 years, albeit it's a little bit down the line. $350 billion is a lot of money. So I can just think longer term, you'd be pretty safe if you can get yourself into those sorts of areas.
• 34:55
  Hamilton Hill is an interesting one for me. Once again, it's one of those suburbs where I think it's where Scarborough was, say, 10 years ago, where it just doesn't have that name that people like right now.
• 35:10
  But the next group of buyers, the next pool of buyers, the buyers that are, say, our age, they don't care about that. And they'll come in. They can't get into Wicom Valley. They can't get into Palmyra. Exactly right. So we looked in Palmyra before we bought Scarborough, so 10 years ago. And it was $500,000 to $600,000 through there.
• 35:28
  And we say this to buyers all the time. Whenever it comes down to, you know, people bringing up the price in whatever suburb, it could be $800,000, it could be $1.2 million. If they're sitting in that price, okay, well, you know, if I gave you a million dollars tomorrow and you've got to go buy a house right now in, say, whatever these surrounding suburbs are,
• 35:49
  you've got it, go do it, they'd meet me back at the house tomorrow with that million dollars and say, sorry, I can't find anything. And that is what's going to drive this value. I think as well the suburbs like this, and I've seen it coming through in different suburbs, some parents, through their own good heart and trying to do well for their kids,
• 36:13
  have stuffed up deals that the kids could have bought these properties because they couldn't get over that my daughter's spending $750,000 in Inaloo. These are the types of things that have happened for years now, and I just think these young buyers, it's already hard enough. If you fall in love with something and you like it, you've almost got to not tell anyone about it.
• 36:31
  And do you know what? If they did that the last five years, they probably would have once again been accidental heroes from it. Exactly. And I guess that bias fatigue and not looking at the past, because that's the biggest problem. And a lot of people won't get in the market because of recency bias, right? Oh, it's gone up for the last six years. I can't keep it going.
• 36:50
  or it's unaffordable is a big one we always get and we look at the data and there's always a reason not to buy something for sure but again you should do your research you know hopefully this podcast helps people how to sort of depict or understand where value can be and there's been some really good i guess bits of hopefully sliced pie that people can eat up and get out there on a saturday this weekend and go into some markets where we deem that there's still some value in the market for sure before we let you go cory um
• 37:18
  A couple of quickfire questions at you. And then an I call bullshit question as well, which we've had from one of our viewers. Where's the next million dollar suburb in Perth?
• 37:27
  I'd have to double check if it's there or not yet, but I just mentioned Inaloo, I think is a suburb that I look at when I started eight years ago. No agent, not that we do a core sub, no agent wanted to touch that as their core suburb. It was just this pocket that nobody liked. The way that Scarborough Doubleview has gone up from the last five years, Inaloo's got to be getting there.
• 37:52
  And then you've got Karen up on the doorstep as well, the shopping centre. Exactly. It's well positioned, right? Do you know what? It's one of those suburbs, not that it'll ever happen. It has happened before, but it would greatly benefit from a name change if you just happened to... Well, Nolamara did that with Westminster. Yeah, Westminster. Oh, that was Belga, and they did Westminster. Yeah, the new north. But yeah, you know, those types of like...
• 38:15
  Meltham, I know that they want to do that, but then there's uproar from the people that won't be in the zone. But it's just one of those things. I think Innerloo, there's really good value through there. There's a lot of stuff happening around the area. If they could upgrade Westfield- Innerloo a little bit, is it Westfield- Innerloo Shopping Centre a little bit, I think that would help out as well. Okay, and then to wrap it up, units will outperform houses in Perth for growth in 2025? Do you call bullshit?
• 38:45
  I do. I do. I still think Perth, once again, depending on the area that it is, good houses on decent land in, I think, school zones drive things a lot. I still think they're going to, maybe not in a year's time, there might be that thing where the units, because they're more affordable, if you look at it in 12 months' time, they've gone up more on a percentage-wise. But in 10 years' time, I like houses. I like blocks. I think it's smart.
• 39:14
  Beautiful. Thanks for coming in, Corey. We'll have to get you in the coming months, I think, for round two. I appreciate it. Thanks for listening to the Folio Property Podcast.