31A Richmond Street, North Perth WA 6006
31A Richmond Street, North Perth WA 6006
Renovated 1994 townhouse | 3×2 double garage | 340m² North Perth lot | top school catchments | low-maintenance courtyard
A competitively strong position is held by this renovated 1994 townhouse in North Perth. A three-bedroom, two-bathroom layout with double garage and two levels is offered on a compact 340m² lot, a combination rarely seen in renovated infill stock this close to the city. A substantial outdoor entertaining area and low-maintenance setting are provided, making it a genuine lock-and-leave option. Strong school catchments and proximity to Leederville’s café precinct are considered major drawcards. It is best suited to professional couples or young families wanting inner-city space without large-garden upkeep. Much of the compromise usually accepted with 1990s builds has been removed by the recent renovation and extension.
A discrepancy in reported internal area is found across sources, which may influence perceived value per square metre. A narrower buyer pool might result from the townhouse classification on some listings, despite the substantial land component. The approval status and quality of the recent extension may be examined closely during due diligence, and areas of the 1994 core not touched by the renovation might need updating.
>>Comparable Sales: 10 Richmond Street sold $1,312,000 in March 2023 | Property Price Band: $1.3M–$1.4M | Value Drivers: renovated condition, 340m² land, double garage and school catchment
Detailed Independent Property Report prepared by PropCred Analyst team for 31A Richmond Street, North Perth WA 6006
Checks found:
Value Risk
✕
2
Liquidity Risk
!
1
Planning Risk
✓
Income Risk
✓
Execution Risk
!
1
Market Insight
North Perth WA 6006 remains tightly held: house median $1.60m after 14.3% annual growth; units up 19.8% to around $666k. Demand is led by first-home buyers shifting to units, plus interstate migrants, downsizers and investors, drawn by Perth’s 3% population growth and employment hubs. Listings are 42% below the five-year average, with houses selling in a median 14 days and vacancy at 0.5%. Gross yields are 2.9–3.0% for houses and 5.5% for units; weekly rents sit near $875 and $695 respectively. Annual sales volume of 131 houses reflects constrained turnover. Future growth is underpinned by chronic undersupply-stock 48% below average-and proximity to the CBD, but affordability is tightening as wages lag price growth, and rate sensitivity remains a watchpoint.
PropCred Estimated Value
Bedrooms
3
Bathroom
2
Parking
2
Land
812m²
Research & Review
Prepared by Steve Dalton, Senior Analyst
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Reviewed by Matt Proctor, Principal Analyst