Reiwa reveals Perth’s top suburbs for investors in 2020

Rent

PERTH’S southern suburbs are the ones for investors to watch in 2020, according to Reiwa.

Medina, Armadale and Parmelia are the standout performers in its top 10 list of areas where properties leased faster than the metro average of 28 days and had high rental returns last year.

Reiwa president Damian Collins said with the Perth property market starting to show signs of improvement, there were some great investment opportunities.

Top 10 Suburbs

Top 10

 

“With interest rates at record lows, many of these properties are likely to be positively geared,” he said.

“There are a lot of contributing factors that make a good investment property, however suburbs that have a high rental yield such as Medina, which had a 7.5 per cent rental yield and lower than average days to lease, are ones to consider.

“It took approximately 17 days for a property to lease in Medina, which is well below the Perth average, and demonstrates the suburb is in high demand by tenants.”

Armadale had a higher yield at 6.2 per cent, but it took an average 27 days for properties to lease – the same time as Port Kennedy and Clarkson.

Clarkson, with a yield of 5 per cent, and Banksia Grove, with a yield of 5.6 per cent and tenants snapping up a property in an average 25 days, are the only northern suburbs to feature.

The suburbs’ lifestyle, popularity and future growth were not considered.

Perth’s vacancy rate is 2.3 per cent.

 

Source: https://www.communitynews.com.au/weekend-courier/real-estate/reiwa-reveals-perths-top-suburbs-for-investors/

New bridge connecting WA hospital to parks, helping sick children

hospital

 

 

Main Roads Western Australia will build a new bridge connecting Perth Children’s Hospital to Kings Park and Botanic Garden, after a $6.3 million funding commitment.

The project will see the construction of a pedestrian bridge over Winthrop Avenue to connect the outdoor area between PCH and the multi-story carpark on the Queen Elizabeth II (QEII) Medical Centre campus to Kings Park bushland.

The New Bridge

The new bridge will allow sick children, their families and hospital staff to cross busy Winthrop Avenue with ease, connecting kids with the beauty and nature on offer at Kings Park.

Main Roads will manage the design, construction and maintenance of the bridge, working collaboratively with Perth Children’s Hospital Foundation, Child and Adolescent Health Service, Botanic Gardens and Parks Authority, QEII Medical Centre Trust and the City of Perth.

WA Health Minister, Roger Cook, said,  “We know there is strong evidence in the power of nature in healing and this bridge will allow this to be harnessed. The opportunity for some of our sick children and their families to access this urban sanctuary during a challenging time is a wonderful bonus.”

The bridge project has been made possible by a $6.3 million funding commitment from the Perth Children’s Hospital Foundation and will be built and maintained by Main Roads Western Australia.

The bridge will provide opportunities for both inpatients and outpatients and their families to access Kings Park while they are at PCH receiving treatment. It will also provide a huge opportunity for a range of therapies, including allied health, to be delivered in an environment which harnesses the health and wellbeing benefits of nature.

The potential benefits of the bridge will also extend to staff across the QEII campus who can easily access the park for fitness, lifestyle and wellbeing activities as well as for access to existing cycle and pedestrian paths for commuting.

Construction tenders are expected to be advertised in the second half of this year with construction completed by the end of 2021.

Grand vision for Two Rocks revitalisation

A revitalisation of Two Rocks is on the cards, with Transport Minister Rita Saffioti recently announcing a draft master plan for the outer northern suburb.

A significant milestone in implementing a long-term blueprint to capitalise on the potential of the area, the model will establish Two Rocks Marina as an entertainment and recreational precinct. The plans include a pedestrian bridge which will extend over the water to form the limits of a protected swimming beach.

“Perth’s northern suburbs are growing rapidly and the Two Rocks Marina is well-positioned to accommodate future demand and provide the local community with safe maritime facilities, access to the ocean and to generate economic opportunities and jobs in construction, retail and tourism,” Ms Saffioti said.

An eight-lane boat-launching facility, parks and additional public spaces are also features of the long-term vision, which is the work of the Two Rocks Marina Redevelopment Reference Group.

The marina is currently undergoing $6 million worth of upgrades, including breakwater improvements and the demolition of ageing maritime structures such as the original fuel jetty.

Atlantis Beach Estate Manager Blaine Hall-Jones said the project would ignite buyer interest in the area.

He said revitalised marinas had historically played a key role in transforming local coastal property markets in Perth.

“The Perth property market is focused on lifestyle and marinas are an icon for the wonderful coastal lifestyle the city has to offer,” Mr Hall-Jones said.

“You only have to look at how the marinas at Hillarys, Coogee and Mindarie have helped to transform these areas into much sought-after lifestyle locations for property buyers.”

Travelling time between Two Rocks and the Perth CBD will be substantially reduced over the next three years. This follows the investment of over $700 million in new transport infrastructure, which includes the Perth to Yanchep railway and extension of the Mitchell Freeway to Romeo Road.

Mr Hall-Jones said the release of the draft master plan had also sparked interest amongst property buyers and investors in the eastern states.

“Enquiry levels from buyers in the eastern states interested in the Atlantis Beach Estate have more than doubled in the past month or so,” he said.

“These astute investors understand new infrastructure such as marinas can play a key role in driving the development of outer coastal townships and they now expect this to occur in Two Rocks.”

A suburb rooted in history

Two Rocks has rich historical and social significance.

In the 1970s, businessman Alan Bond sought to transform the suburb’s residential market with his ambitious ‘Sun City’ plan. After buying 19,600 acres of pastoral property, the vision was to create a Gold Coast-like satellite city and tourist resort of 200,000 people. Schools, a shopping centre and a tavern were established, creating much-needed amenities to stimulate interest.

Opened in 1974, the Two Rocks Marina development was meant to attract buyers. Soon after, in 1981, Atlantis Marine Park was opened. Nestled in the heart of Two Rocks, Atlantis was dotted with charming displays, statues, waterslides, pools, paddling boats, a golf course, aquarium, theatre, trampoline park, playgrounds and more. By 1982 more one million visitors had walked through the gates, but financial troubles and declining interest saw the park close in August 1990.

Frozen in time, the park’s statues and diving platforms are still scattered throughout the area. The most striking aspect of Atlantis was the statue of King Neptune, which is now heritage-listed and remains in its original spot overlooking the marine park.

Source: https://thewest.com.au/lifestyle/real-estate/grand-vision-for-two-rocks-revitalisation-c-419400

Solid growth predicted for Perth’s property market: Q&A with the pro’s

Girl happy to see climb
AFTER years of declines, property analysts are predicting a return to price growth for Perth in 2020.

CoreLogic head of research Tim Lawless expects Perth to record 6 per cent growth, with Reiwa president Damian Collins forecasting 3-4 per cent over the year.

The top end of the market was expected to see the best results, with 6-7 percent growth predicted by Mr Collins and 10-15 percent by forecasting analyst Gavin Hegney.

Residential asked four experienced western suburbs agents about their expectations for the local market in the year ahead.

Bev Heymans, Acton Cottesloe and Dalkeith director

Bev Heymans, Acton Cottesloe and Dalkeith director

What do you expect to happen with prices in the western suburbs?

I feel confident that we will see slow but steady improvement in prices. This is already reflected in recent sales.

What areas are likely to be the stand-out performers?

I feel that properties that have water views, ocean or river, will see the greatest jump in prices. The low stock levels are making it increasingly difficult for buyers looking for this type of property. Also properties that are already tenanted are attractive to investors as they have a guaranteed income stream.

What sort of buyers do you expect to be most active?

I am getting inquiries from all types of buyers. Investors are coming back strongly as they see the market as having bottomed and the rental yield is far better than bank interest. Rents are increasing, something that tenants haven’t experienced for years, and they are also now deciding to buy rather than rent.

What could derail any expected growth?

I think the only factor that could have a material negative impact on prices would be if suddenly the market was swamped with new stock. Based on the conversations I am having I don’t feel this will happen. In fact, as agents we are all struggling to get enough property to meet our buyer demands.

What changes do you expect to see in the western suburbs property market over the year?

The development sites are obviously attracting lots of attention and I feel that we will start to see some exciting new projects.

Enzo Pagnozzi, Growth Realty principal

Enzo Pagnozzi, Growth Realty principal
WA has experienced a very difficult market for the past 10 years with negative or no growth. However, there is a general feeling that the market is slowly improving. When we see eastern states investors coming to WA looking for real estate opportunities, it is a positive sign. I believe we will see more confidence back in the real estate market in 2020.

What do you expect to happen with prices in the western suburbs?

The general feeling is that property prices have bottomed and will remain steady. I have had several buyers from the eastern states casing out the Perth market looking for opportunities as they see this as an ideal time to buy property in WA.

Will growth be steady or rapid?

Whatever growth there will be this year will be modest. I believe that any rapid growth is still some time away.

What areas are likely to be the stand out performers?

Our office is in the Subiaco precinct, which is an area that always attracts strong buyer interest due to the substantial infrastructure available. These include schooling, medical facilities, food and beverage and entertainment. It is also becoming a major business area with many new businesses moving into the area.

What sort of buyers do you expect to be most active and why?

The sector which attracts most buyers is the owner-occupiers looking mainly for the character homes ranging from the one to be renovated to the fully renovated homes and the new contemporary styles. There are many families looking to trade up to a larger home as well as those looking to downsize. We are also starting to see first-home buyers looking for apartments as these represent excellent value at the moment. The Subiaco precinct attracts buyers for many types of properties.

The major factor that will boost local market activity is, in my opinion, confidence. This should mainly come from government infrastructure spending.

What could derail any expected growth?

There are many things which could derail expected growth. The potential crisis escalating in the Middle East will surely have a detrimental effect should it worsen. Australia as a whole seems to be faring quite well, it’s just unfortunate that WA has been left behind while the eastern states have surged forward.

What changes do you expect to see in the western suburbs over the year?

With the rezoning of certain areas, there will be more infill. That’s a fact. When this will occur will depend on the market confidence. It would have to be a very brave or financially strong developer to risk building in the current market. However, as these large projects take time to be built, there are those that will take the risk that the market will improve by the time these projects are finished. There is the old adage “buy in gloom and sell in boom”.

Vivien Yap, Ray White Dalkeith-Claremont principal

Vivien Yap, Ray White Dalkeith-Claremont principal
I am optimistic about the market, it is a good time to buy.

What do you expect to happen with prices in the western suburbs?

With buyer interest improving and the shortage of properties available to choose from, prices should stabilise and then start to improve.

Will growth be steady or rapid?

Steady.

What areas are likely to be the stand-out performers?

Wembley, because of affordability for what you can get, the average prices are between $750,000 – $1.2 million and there is a bigger buyer pool for this price range. Location is ideal as it’s close to Perth CBD and the beach. There is a large choice of homes and townhouses attracting renovators and families.

What sort of buyers do you expect to be most active?

Second and third-home buyers are most active, the market is a good time to buy and these buyers have been monitoring the market. Downsizers are also active too.

What factors will boost local market activity?

More improvement in the resources sectors will help; however it is not just one thing – various factors have to be considered. Of course, interest rate cuts will help but it will need to be more than one. In Subiaco and surrounds the injection of vibrancy in that area such as schools etc will see more activity.

What could derail any expected growth?

An unexpected election will do it. An interest rate rise will not be a negative, this proves the market is getting strong. Uncontrollable factors such as the bushfires will immediately impede growth, also oversupply of properties and days on market.

What changes do you expect to see in the western suburbs over the year?

Property close to the city and particularly the western suburbs is always highly sought after, so we will see more redevelopment (infill) to take advantage of the amenities and location. Renovating and capitalising on a property’s location will also continue to prove both popular and financially rewarding when it comes time to sell.

Richard Young, Caporn Young chief executive

Richard Young, Caporn Young chief executive
At Caporn Young we are very excited about the year and decade ahead of us. Last year was the toughest year in real estate I have experienced in the past 31 years. A return to modest capital growth and confidence in the market will have an exponential impact.

What do you expect to happen with prices in the western suburbs?

We have passed through the bottom of the market and 2020 will deliver, in my opinion, some long overdue capital growth. My prediction is in the 4-6 per cent range.

Will growth be steady or rapid?

There is some great value in the market at the moment with strong fundamentals so we could well see stock continue to tighten which will put pressure on prices. The next three months will be very interesting with good growth which may naturally steady over winter.

What areas are likely to be the stand-out performers?

Stand-out areas are those which have proximity to the ocean, river and proximity to schools and amenities in that order.

What sort of buyers do you expect to be most active?

Buyers who are selling and buying for lifestyle, who may have wanted to improve their properties in terms of size and/or location for a number of years however the exit and entry costs could not be rationalised in a market where prices are falling or at best flat-lining.

What factors will boost local market activity?

Consumer sentiment/confidence.

What could derail any expected growth?

Anything that will negatively affect consumer sentiment, either locally or on the world stage.

What changes do you expect to see in the western suburbs over the year?

Infill, apartments and renovation – generally investment in the property sector.

 

See below for the latest REIWA market snapshot:

 

Sales significantly up, and I felt it on the weekend with a HUGE increase in buyer activity and MULTIPLE offers!

If you have been holding off to sell for when the market tide turns then get in touch with Near Me Real Estate today! Now is the time to fish!!

– Sam Rettke, Near Me Real Estate Managing Director

 

Source:

https://www.communitynews.com.au/western-suburbs-weekly/real-estate/steady-growth-expected-for-western-suburbs-property-market/

https://reiwa.com.au/the-wa-market/perth-metro/

 

‘I am a huge bargain hunter’: Woman, 25, behind incredible ‘Hamptons-style’ home in Perth reveals her top DIY secrets

A young woman with an incredible ‘Hamptons-style’ home in Perth has revealed the DIY secrets behind her beautiful property.

Jo Borrello, 25, from Western Australia, had her home specially built and moved in October 2017, upon which point she started decorating.

Today, Jo’s home is the epitome of chic, with its sleek white design and light and bright finishes.

 

Hamptons style, Hamptons Lounge, Interior Design
The creative 25-year-old also said you can save valuable money by doing some of your decorating work at home (pictured: her living room)

So what are her secrets?

‘I’m a huge bargain hunter. While I like to think our home looks expensive, I made sure everything I bought was on sale,’ Jo told FEMAIL.

‘I love Kmart and have items from there all over the house, including their marble side table.’

 

 

Hamptons style, Hamptons Bedroom, Interior Design
Speaking about her inspiration for her home, Jo said she wanted things to be ‘light and bright with neutral tones and traditional touches’ (pictured: her bedroom)

The 25-year-old also said she visits other similar stores like Target and Spotlight, as well as ‘places like The Furniture Gallery and Baker & Shuhandler, where I find more special pieces that aren’t as budget-friendly’.

‘People often assume I spend a lot of home decor, but I like to mix luxe and affordable pieces,’ Jo said.

She also makes a point of re-purposing cheaper items, so they don’t look as they do in-store.

 

Hamptons style, Hamptons Mirror, Interior Design
For instance, Jo painted several areas of the house herself, as well as doing the wainscoting [decorative paneling applied to walls], which she said saved her thousands (pictured: the bathroom)

The creative 25-year-old said you can save valuable money by doing some of your own decorating work at home.

‘I painted our timber staircase balustrade and did the wainscoting [decorative paneling applied to walls] throughout our home, which saved us thousands,’ Jo said.

‘I’ve not been deterred by the colour of pieces from Kmart and IKEA.

‘I’ve bought an outdoor bench, trellis and a bamboo ladder from these places and painted them all white to match our Hamptons-style home.

‘Paint is the one thing that can give somewhere an instant facelift.

It also saves you money, makes anything look expensive and allows you to be creative.’

 

 

Hamptons style, Hamptons Wardrobe, Interior Design
When it comes to her interiors advice, Jo said you can’t go wrong with neutrals – she likes to add pops of navy and blue, as well as blush pink (pictured: the wardrobe)

Speaking about her inspiration for her home, Jo said she wanted things to be ‘light and bright with neutral tones and traditional touches’.

‘This allows me to play around with the home decor, mixing traditional, glamorous and modern style aspects throughout, and adding a touch of colour when I want.’

When it comes to her interiors advice, Jo said you can’t go wrong with neutrals.

 

 

Hamptons style, Hamptons Bathroom, Interior Design
For instance, Jo painted several areas of the house herself, as well as doing the wainscoting [decorative paneling applied to walls], which she said saved her thousands (pictured: the bathroom)
‘Mixing different textures and materials also helps to create depth in a neutral home.

‘If you want to add a pop of colour, navy and blues are beautiful and keep with the Hamptons style.

‘I also love blush pink. Plants and flowers, real or faux, are a favourite of mine – as they bring so much life to a room.’

Source: https://www.dailymail.co.uk/femail/article-6843845/Young-woman-25-incredible-Hamptons-style-home-Perth-reveals-DIY-secrets.html