Did someone say gentrification?
East Perth has risen above its industrial past to become one of the most sought after new money locations in the capital.
"It's an area where people who've made good money over the past 20 or so years like to be, with plenty of cafes and restaurants centred around Royal Street," noted Mark Hay, principal of Mark Hay Realty Group.
There are new apartments as well as warehouses converted to residential and retail, all in a riverfront location, along with high-quality detached residences, according to Hay.
"There are plenty of new units in the area as well as multi-million dollar homes on the river," he said.
The past year has seen a growth rate of 28.11% for houses to record a median price of $1,555,000. While these are impressive figures for owners, investors can get a foot in the door via the more accessible unit market - and the suburb has been attracting plenty of attention, not just from the local population.
"We've already seen a good range of interstate and global investors with rentals showing about 5% gross return," observed Hay.
Given the easy commute to the CBD, East Perth's popularity with city workers looks set to continue.
"It's an easy, direct trip from here to the centre on the Catbus which is very attractive to residents," Hay said.
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