15th January 2017.
Looking ahead to 2017, WA has to be considered as a separate market to the other states. Here, property is on the move. No longer is there a need for buyers to be hesitant and wait a while because 'prices will reduce more'. It is time to buy, but where?
There are many factors involved when assessing an area that could have potential financial growth for buyers. The major factors to consider are new government infrastructure plans, employment opportunities, zoning changes to enable subdivision and school population increasing.
The following 8 areas all have positive changes within the suburb aligning with these major factors, and the growth of the suburbs are not solely dependent on first home buyers or overseas investors.
Mayor Dr Brad Pettit strongly supports the upgrades in the area and redevelopment of the Victoria Quay, city centre, waterfront and northern gateway areas will increase tourism and community facilities, and will certainly increase demand for housing in the area.
Other upgrades include the Fremantle train station and the creating of a sporting hub at Fremantle Oval. All improvements are centred on increasing public-private investors and employment in the suburb – all positive moves in this area.
With this suburb, the old saying, 'location, location, location' comes into the equation. It is so close to the CBD, but has suffered a loss in commercial aspects and shop fronts due to the high rental prices, and this has affected property prices. The impending changes for Subiaco Oval and the closure of the famous Subi Markets contributed heavily towards the falling house prices in the area also.
Community spirit runs high in Subiaco though and the win by the Tran family to relocate their fruit and veggie outlet to Homebase is certainly a very positive change. Once final plans are in motion for the old market site this suburb will certainly move ahead.
3 & 4. Mt Pleasant and Kingsley
Although they are greatly different in property median prices, can both be considered the poor cousins surrounded by rich relatives. Both are great family suburbs with a large percentage of long term home owners.
The median price for Kingsley is $459,000 and areas within the suburb closer to the railway link have been rezoned to enable higher density living. Many of the home owners in the area are becoming empty nesters and seeking smaller accommodation.
Mt Pleasant has easy access to the city, beautiful quality homes, close proximity the river, universities and schools, but values for properties have stayed stagnant over the last 12 months.
The difficulty for buyers in this area is the lack of stock, although 63 homes have been sold over the last 12 months, demand for homes has increased. This suburb definitely has potential growth for the million-dollar-plus buyer and overseas buyers looking for a home close to a university.
5 & 6. Gosnells and Forrestfield
These suburbs are attractively priced for the first and second home buyers. Gosnells has a median price of $349,000 and Forrestfield median price is at $415,000.
Both areas have subdivision opportunities and enable new homes to be built at a reasonable cost and have expansions in the commercial property. The building of the new train line to the airport makes Forrestfield an area to be considered.
This area is exploding, not only with new subdivisions for commercial and housing but the influx of cottage industries in the area.
The building of the new Perth-Darwin Highway has increased interest in the area. At only 50minutes from Perth CBD, Bullsbrook is attractive because it accommodates a variety of lifestyles.
The NBN has come to this town less than 300km from Perth. This has made a significant change for the area which already had a flourishing stockyard. The ease of communication has given more confidence to businesses to expand in the area, according to the local shire. Employment and school intake has increased in Katanning, and it has been identified as the hub for Early Childhood Education in the region.
With an increased push of funds for the future development of the schools, hospitals and land subdivisions there will be an increase in home prices in this area.
The big picture for WA
Local buyers are coming back to the market and sellers are bridging the gap between prices they want and market value. As Melbourne and Sydney have proved to be expensive for investors, many are looking to WA as a state to invest in, and according to CoreLogic's latest monthly data for November, median dwelling price is at $490,000 in the state.
2017 could be the transition year in purchasing that piece of real estate.
This story was found at: http://www.watoday.com.au/wa-news/top-8-wa-areas-to-buy-property-in-2017-20170115-gtrpb9.html