Calling All Investors & First-Home Buyers! North Perth for Offers Over $399,000?!

Yes, you read that right. A modern one-bedroom apartment in North Perth for offers over $399,000. So, how does that stack up?

When comparable one-bedroom apartments have sold for $575,000 and $580,000, you might want to put the calculator down for a second and take a closer look!

We're talking about a potential $181,000 difference against a $580,000 sale. That's a serious price gap — and one savvy buyers will want to investigate.

So, what's the story? And could this be an opportunity hiding in plain sight?

Let's talk numbers, location and the bigger picture.

First, the numbers are worth a look!

Offers Over $399,000

$575,000: recent comparable one-bedroom apartment sale, 39/1 Bourke street North Perth

$580,000: another recent one-bedroom apartment sale, 15/38 Scarborough beach road North Perth

$181,000 less than the $580,000 sale

Estimated rent: $680–$720 per week

Potential gross rental yield: approximately 8.9%–9.4%

The elephant in the room? Let's address it!

The strata levies are currently $3,738 per quarter ($14,952 per year).

Previously, they were approximately $1,200 per quarter. So why the increase?

A strata loan facility was established to fund substantial remedial waterproofing and maintenance works throughout the complex, including:

Podium waterproofing

Drainage improvements

Concrete waterproofing repairs

Courtyard works

Now, we're not pretending the strata fees are low. They're higher than normal, and buyers need to understand exactly what they're purchasing.

But here's where the numbers get interesting.

Rather than pricing this apartment as though those higher levies don't exist, the current asking price gives buyers an opportunity to weigh the ongoing costs against a significantly lower entry price.

The savvy move? Investigate the strata records, understand the loan arrangements, calculate your holding costs and decide whether the overall proposition works for you.

Location, location, location!

Built in 2016 and approximately 3.7km from Perth CBD, this is inner-city living without the maintenance demands of a house.

North Perth gives you that fantastic balance of neighbourhood character and city convenience, with cafés, restaurants, shopping and public transport close by.

You've also got Hyde Park, Mount Lawley, Leederville and Highgate within easy reach, plus local favourites, green spaces and the lifestyle that makes inner-north living so appealing.

Whether you're commuting into the city, enjoying weekend brunch, heading out for dinner or looking for a low-maintenance base close to everything, the location ticks plenty of boxes.

And the apartment itself?

Ground-floor position with a private alfresco courtyard

One bedroom and one bathroom

Light-filled open-plan living and dining

Contemporary kitchen with excellent storage

Split-system air conditioning

Quality window treatments

Easy-care, lock-and-leave lifestyle

No enormous garden to maintain. No big house to look after. Just a modern apartment in a convenient location.

Investor? Here's the maths.

At an estimated $680–$720 per week, the apartment could generate $35,360–$37,440 in gross rent annually.

At $399,000, that equates to an indicative gross rental yield of approximately 8.9%–9.4%.

After the current annual strata levies of $14,952, you'd have approximately $20,408–$22,488 remaining from gross rent before council rates, water rates, property management expenses.

That isn't your net return, and the rental estimate should be independently checked. But it's a useful starting point for investors assessing the numbers.

First-home buyer? There's another way to look at it.

You could be buying into an established inner-city suburb at a price point that is increasingly difficult to find.

A private courtyard, modern construction, low-maintenance living and proximity to Perth CBD — without stretching your budget to the same level as some comparable sales.

And if you're a numbers person, the difference between the asking price and recent comparable sales is exactly why this apartment deserves a closer look.

The bottom line?

Offers Over $399,000. North Perth. One bedroom. Private courtyard. A price gap worth investigating.

We're putting the numbers on the table, including the strata fees, so you can make an informed decision.

If you know how to look beyond the headline and assess the whole opportunity, this could be one to add to your inspection list.

Don't just scroll past it. Come and see it, check the figures and make your own assessment.

Offers are invited through the Reso platform.

Contact Cindy King or Alistair Caffel to arrange your inspection.

Cindy King — 0411 208 202
Alistair Caffel — 0402 785 877
cindyandalistair@theagency.com.au

The Agency | Perth

Disclaimer:
This information is provided for general information purposes only and is based on information provided by the Seller and may be subject to change. No warranty or representation is made as to its accuracy and interested parties should place no reliance on it and should make their own independent enquiries.