In recent years, there has been a growing demand for homes in riverside suburbs because of the increasing focus on lifestyle amongst property buyers.

This trend is most apparent in the baby boomer segment of the housing market with more baby boomers deciding to downsize from a larger family home to an apartment or townhouse which is built to a high specification in a riverside location.

As a result of this trend there has been a surge in new building activity of luxury apartments and townhouses during the past five years in riverside locations such as Applecross, Como and South Perth.

Because of the growing demand for luxury apartments in particular, the number of apartments selling for over $1.0 million has increased significantly in these riverside suburbs over the past year.

Riverside suburbs are also benefiting from the current population boom. The latest ABS figures show that Western Australia now has the fastest growing population in Australia growing by 2.1% during the year ending the December 2006 quarter.

A large proportion of this population growth is being driven by people moving from interstate and overseas. These migrants are choosing to purchase and rent homes in riverside locations because they offer a unique lifestyle with a high level of social infrastructure and generally have easy access to the city centre.

Investors have also been attracted to Perth riverside suburbs have been amongst the top performing areas in the real estate market in recent decades.

REIWA figures show that over the past ten years, for example, the median price of a home in riverside suburbs such as Applecross, Mount Pleasant South Perth and Como has risen by over 12% on average each year.

Jones Ballard Property Group is finding that an increasing number of investors are now moving from outer Perth suburbs to riverside suburbs because they offer better long term investment returns.

If you are considering buying a home in a riverside suburb, you should consider the following points: •A property which is located a few streets from the river can be significantly cheaper than a property which is located on the riverfront.
•Older style units which only need a cosmetic upgrade can be an affordable entry point into a riverside suburb.
•If you are buying a luxury apartment ‘off the plan’ check the background of the developer to determine if they deliver on the product there are promising. Also check the price of similar properties that have already been constructed to compare prices.
•North facing properties are always in very high demand because they receive less sunlight during the summer and more sunlight during the winter months.
•Properties located near large parks are also in strong demand because more people are focusing on improving their health as part of lifestyle trends.
•If you are buying a property because of the views it offers, check that these views will note be impaired over the long term i.e. the construction of a block of apartments between your home and the river.
• If the property is located near a road, inspect the property during a peak traffic period to determine the level of noise.
• Check if there are any upgrades planned for the area i.e. the upgrade of the local tavern can encourage more people to live in the area as they do not have to travel to socialize.