A modest three-bedroom, one-bathroom home in Nollamara has achieved a remarkable 158 per cent price increase over just over four and a half years, selling for $1.5 million. This surge significantly outpaces the 75 per cent growth seen across Greater Perth during the same period, according to Cotality.
Land Value Drives Growth
The property, situated on a substantial 971-square-metre block with R40 zoning, allows for the potential development of three or four units. This zoning appears to be a key factor in the price jump, reinforcing the adage that land often holds more value than the dwelling itself.
Nollamara's Late Boom
Nollamara has been a relative latecomer to Perth's property boom but has more than compensated for the delay. Prices in the suburb have risen 21.2 per cent in the past year alone and 53 per cent over the last two years. Since 2020, property values have spiked by 119 per cent, with some units now fetching over $1.2 million.
The $1.5 million sale is believed to be a record for a single residential block in Nollamara. Other notable sales include a home on an 827-square-metre block that sold for $1.305 million.
Suburb Appeal
Nollamara's attractiveness is partly due to its lovely parks, family-friendly atmosphere, and ideal location. Situated 10 kilometres from both the city centre and the beach, the suburb offers convenient access within a 20-minute drive. The nearby Swan Valley adds to its appeal, making it a desirable destination for residents.
The property was sold through agent Adam Naumovski of Naumovski Real Estate.
