but Sanj
That's the thing.... Girrawheen/Koon/Marangaroo for some reason do fetch a higher end value, there have been a few new villas in Girrawheen that hit the market and sold for higher prices than Balga.
This is what I think, Balga has had way too much infill and it just cant shake that bad seedy reputation it has had for over 30+ years. Not so with the other areas, yes State Housing but just not the same.
I think that this has more to do with who has moved into this area Girro etc and how it is evolving, and the immigrants moving/living in the area.
Balga did not make sense in terms of developing and making money some 18 months ago, but its a cheap entry level for new investors who don't have $1M+ to buy deve site and that is in part why prices have continued to rise. The buyers are not developers with a view of selling and taking profit, they are holding as rents will cover the mortgage.
So currently we are seeing an oversupply, and now we see prices of end product fall back.
MTR