Residential land hotspots to watch
Affordability, accessibility, infrastructure and lifestyle elements will be the key factors that determine which parts of Perth will be residential land hotspots this year.
Leading developers share which areas will be the ones to watch, where the best bargains will be and where demand will be greatest.
Stockland WA general manager Col Dutton expects to see continued demand for blocks in Perth’s south-eastern growth corridor in latter 2015.
“Stockland’s Calleya, Newhaven and Sienna Wood communities form an exciting trio extending from Banjup, in Cockburn, to Piara Waters, Harrisdale and Hilbert, in Armadale, ” Mr Dutton said. “Perth new homebuyers expect their chosen community to combine outstanding facilities with access to established amenities and that’s what makes the inner south-east corridor so appealing.”
Satterley Property Group chief executive Nigel Satterley expects demand in Jindalee, Kwinana and Wellard to continue doing well in 2015, due to their location, infrastructure and amenities.
“I also expect to see Eglinton in the north and Wandi in the south to be hotspots because of the variety of good home sites available for first-homebuyers, downsizers, families and investors, ” Mr Satterley said.
“All these suburbs are close to landscaped parks, beaches, schools, shopping, medical facilities, train stations or public transport, freeways and main roads, which is why they continue to appeal to homebuyers.”
The expansion of Perth’s metro area, an affinity with the coast and affordability continue to drive homebuyers to the expanding northern and southern corridors, according to Peet managing director and chief executive, Brendan Gore.
“These high-growth areas provide access to existing and planned services and amenities, ” Mr Gore said.
People are becoming more discerning about lifestyle choices and buying property based on criteria that may include city connectivity and the aspiration for coastal or urban fringe bushland living, according to Mirvac WA development director of masterplanned communities, Kim Lawrance.
Mr Lawrance said the hotspot of Mandurah offered a relatively high standard of living at a lower cost than metropolitan Perth, with house values growing at a higher rate.
“Employment growth is expected to increase at a greater rate than the Perth metropolitan area over the next five years, ” Mr Lawrance said.
For LWP Property Group managing director Danny Murphy, 2015 will be known about value for money, as the cycle changes to a buyers’ market.
“Buyers will be looking for easy access to facilities and employment at a price that competes with existing housing stock, ” Mr Murphy said.
“Areas such as Butler and Alkimos will continue to perform well as coastal land with access to major centres runs out.
“And in the south-east corridor, Wungong, Byford and Mundijong offer the most affordable land in Perth.”
Zoning restrictions meant affordable land in the north-east corridor was quickly running out. Aveley and Ellenbrook would maintain value, he said.
Cedar Woods Properties Limited managing director Paul Sadleir predicts the south-west corridor will be a key growth area, with suburbs such as Baldivis leading the way in strong buyer demand.
“The location is convenient for families — close to transport links, the coast and to Perth, ” Mr Sadleir said.
“The south-east corridor also continues to perform strongly, with its proximity to urban centres and a natural environment. ”
Byford and Harrisdale’s affordable block sizes were the main drawcard for first-homebuyers, he said.
© The West Australian