"Laidback and loving it"

"The city has a sense of grittiness that suits its bohemian young residents, writes Samantha Hutchinson.

   Just 30 minutes drive from Perth, the historic port of Fremantle offers heritage architecture and a laid-back, creative culture with a prime location on the West Australian waterfront at prices more attractive than the inner city.
   A city with strong working-class roots (the mascot of the local AFL team, the Fremantle Dockers, is a giant dock worker) and migrant bohemian influences, Fremantle has retained a sense of grittiness that makes it an attractive destination for hip, innovative restaurants and retail spaces, and a magnet for your professionals.
   Little Creatures Brewery has installed itself in a converted industrial shed on a fishing wharf, and epitomises the blend of heritage architecture, industrial roots, and modern styling that is quickly becoming the city's defining feature.
   Fremantle is serviced by a rail line linking it with Perth, putting commuters within easy reach of jobs and services, while retaining quick access to the Perth waterways, the ocean, and Rottnest Island off the coast.
   "Everyone goes there for restaurants, cafes and the entertainment. There's great shopping too," Hegney Property Group principal Gavin Hegney says. "It can also be a bit of an alternative area, which some people really like."

Market Overview

   The popularity of the area with owner-occupiers, as opposed to investors and speculators, has shielded Fremantle market prices from the same peaks and troughs that were experienced throughout Perth, particularly during 2005-2006, but some of the newly built properties in the area have suffered steep devaluations after being bought for record prices at market peak.
   Australian's Port Coogee Marina residential development injected fresh stock into a market dominated by small workman's cottages and limestone homes built at the turn of the century.
   The marina's homes, including waterfront apartments, townhouses, and stand-alone houses, hit the market between 2--7 and 2010, fetching prices up to $3.45 million. Hegney says it is not uncommon to see many of the development's top-selling homes now fetching around $1.5 million.
   The median price for the area currently sits at $756,917, slightly down from $777,208 in 2011. This compares with the $1.7 million in the beachfront suburb of Cottesloe, closer to Perth, and $1.01 million in Perth.

Who buys   Fremantle is most popular with professional couples who don't have children, according to RP Data.
   The predominant age group in "Freo", as it is called by the locals, is 2 to 34 years, with owner-occupiers making up about 52 per cent of the local population.
   The Notre Dam university campus in Mouat Street is one of the area's strongest drawcards for renters, who occupy about 45 per cent of the area's properties.
   But homes in the area's elevated streets, with price tags well into the millions, are attracting more professionals with families.
   Space Realty agent Toby Astill says proximity to the water attracts sailing enthusiasts.
   "A lot of people get particularly attached to the area because it's close to a whole bunch of yacht clubs," Astill says.

In focus

   Located in one of Fremantle's highest streets, the four-bedroom home owned by Keywaters director Mark Franklyn has views across North Fremantle to the harbour and the ocean.
   The newly built house has several balconies to take in the views and the ocean breezes, while a pool makes the most of the northern aspect.
   It is expected to sell for more than $2.4 million."

 

This four-bedroom house for sale is on one of Fremantle's highest streets.

(Deb's Note: This property, featured in the original article, is 23 Herbert Street, North Fremantle. For more information on this property, please click here.)

This article was sourced from the Australian Financial Review and was written by Samantha Hutchinson.