Perth property market standing alone as 2023 growth prospect
As the rest of the country is staring down the barrel at the possibility of falling property prices, Perth is tipped to buck this trend and grow in value in 2023 and beyond. In part 3 of this 3 part blog series, we look at an additional two local government areas tipped for growth in 2023 and beyond
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City of Gosnells
The Perth property market continues to thrive, recently recording the highest number of property sales since 2015, and property values have risen to record highs. The availability of numerous government incentives for first-home buyers has given the Perth property market momentum, a beneficial factor for the young couples and families who are a large part of the Gosnells demographic. Gosnells has some of the most affordable houses of any capital city. Strategically located on Perth’s south-east transport corridor, and on the Armadale train line, it is easily accessible to the Perth CBD and the Kwinana and Rockingham employment nodes. Gosnells and the surrounding suburbs have been earmarked for future infrastructure development by the Federal Government, encouraging business, industrial and residential projects. The revival in this precinct is supported by some of the lowest vacancy rates (currently all postcodes are well below 1%) in the Perth metropolitan area. There has also been a significant uplift in sales activity in most of the suburbs of the Gosnells LGA throughout 2021 and 2022.
City Of Gosnells Highlights:
• Affordable housing
• Strong population growth
• Large industrial areas (jobs nodes)
• A Strategic Employment Area
• $4 billion container port
• $1 billion hydrogen plant
• $2.5 billion in road upgrades
• $365 million Defence Project.
City Of Gosnells Location:
• 20-25km south-east of Perth CBD
• On major gateway crossroads: The Albany and Tonkin Highways, The Kenwick Link and Albany and Roe Highways.
• Train stations at Seaforth, Gosnells, Maddington, Kenwick and Beckenham link to the Perth CBD
• LGA: City of Gosnells.
City of Joondalup
The Perth property market is now at its strongest since the previous resources investment boom ended in 2013, with the municipality of Joondalup maintaining its status as a market leader. Mid-2020, when Perth recorded the highest number of property sales since 2015, marked a major turning point for the market. It has been trending steadily upwards since then and the Joondalup LGA has been prominent amid the rise in buyer demand, producing double-digit growth in median house prices across most of its suburbs. Prospects for the Joondalup market will be further boosted by a series of significant infrastructure projects and property developments. Joondalup is an area with strong amenities, services and good road/rail links to the CBD. Recognised by the State Government as the main Strategic Metropolitan Centre in northern Perth, its healthy economy is boosted by strong population growth. Joondalup offers a pleasant waterside environment (Lake Joondalup) while being within easy reach of the ocean and beaches. For property investors, it has the important quality of major education and medical facilities, which provide a steady pool of rental demand. The revival in this precinct is supported by some of the lowest vacancy rates in the Perth metropolitan area.
City of Joondalup Highlights:
• Road/rail links to Perth CBD
• Regional commercial hub with TAFE, university, hospital, retail and transport interchange
• $257 million Joondalup Health Campus expansion
• $120 million marina project
• Joondalup CBD Redevelopment.
City of Joondalup Location:
• 25km north of the CBD
• The suburb of Joondalup sits beside the Lake Joondalup Nature Reserve and is about 3km from the beach.
• LGA: City of Joondalup, which covers an area of 100km2 in Perth’s north.
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