West Real Estate in The West Australian
Perth’s love of the coastal lifestyle, along with a spike in new home builds, has led to arguably greater-than-expected growth and development in the north-west corridor.
UDIA WA CEO Tanya Steinbeck said booming sales figures for property and land in the City of Wanneroo was indicative of the expansion in the area.
“We can see from the figures from January 1 to September 30 that this year’s sales have tracked well above the five-year rolling average for the area,” she said.
“If we look specifically at the City of Wanneroo figures where the major north-west coastal development is occurring in areas such as Alkimos, Eglinton and Yanchep, this year alone has seen enormous growth in sales and construction activity. “Over 160 per cent growth in sales since January 2022 and 118 per cent growth in the number of lots under construction has been recorded in the City of Wanneroo.
“The strong growth in sales and construction is a reflection of the desire from new homebuyers to live in the area and make the most of the relative affordability of the land and homes on offer.”
Ms Steinbeck said Alkimos was one of the fastest-growing areas in the Perth metropolitan area – home to award-winning developments, including Alkimos Beach and Alkimos Vista by DevelopmentWA and Lendlease Communities and Trinity by LWP – while neighbouring suburb Eglinton boasted winning estates such as Amberton Beach by Stockland and Allara by Satterley.
“Population growth generally drives infrastructure investment and delivery, and major infrastructure in the north-west corridor include the extension of the rail line and new stations, an extension to the freeway, as well as commercial and community services and amenities,” she said.
“In terms of major governmentfunded infrastructure in the pipeline for this area, the most exciting is the Yanchep Rail Extension, which will include new stations at Alkimos, Eglinton and Yanchep.
“The Alkimos station is the catalyst for the Alkimos Central development, which will provide a new town centre for the suburb with mixed-use, commercial and retail development in a focused location well serviced by public transit and designed for walkability.
“Another new city centre is planned for the area at the end of the line in Yanchep, which will service local residents and facilitate a mix of uses and greater housing diversity.
“Alkimos will also soon benefit from the Mitchell Freeway extension to Romeo Road, which is currently under construction in the heart of Alkimos, providing locals with even greater connectivity.”
This new transport infrastructure, plus a building boom and rising population, is setting the northwest corridor up as a thriving region for property.
However, Harcourts Alliance Area Manager Claire Bartlett, who has been selling property in the Alkimos area for the last six years, said it had not always been shining in growth and glory – noting a period of stagnation prior to the COVID-19 pandemic. “The area seemed to be quite a distance from the CBD and it was a bit of a struggle to get in with regards to transport,” she said. “Owners who built houses five to six years ago saw that their home or investment had dropped considerably.
“Over the last couple of years – almost since the start of COVID-19 – the area has definitely improved in terms of growth.”
Ms Bartlett said the announcement of the freeway and train line extension brought a rush of interest, along with the state and federal building grants.
“We’re probably seeing 15-20 per cent growth on those established properties that were built six or seven years ago,” she said. “A lot of buyers at the moment are eastern states investors and overseas buyers, who are looking at these very low-maintenance properties and so close to the ocean – they can’t believe their luck at the prices of these properties.”
Ms Steinbeck agreed, saying the north-west corridor was an attractive location for many buyers due to the lifestyle opportunities, proximity to the coast, proposed infrastructure and affordability.
“In the broader national context, with an average price of new land sitting at around $233,000 for the September quarter, the location is well placed when compared to the average price of land in Sydney, which is over $600,000, and Melbourne, which is close to $400,000,” she said. In addition to this, Ms Bartlett said the corridor’s housing diversity and new supply, such as Elavale estate currently under construction in Eglinton, were increasing the area’s interest and value while suburbs, including Butler and Yanchep, provided a wealth of choice for buyers.
“The good thing about this corridor is the different types of properties that are available,” she said. “In Yanchep, you’ve got 800sqm blocks and some of the smaller and lower-maintenance properties at less than 300sqm in the area as well.
“Alkimos might not suit everyone because the blocks aren’t very big but you have Butler and Yanchep on each end of it. Both of those would suit someone looking for bigger block sizes.”
Earmarked as a growth area under the State Government’s Perth and Peel at 3.5 million framework – an outline for Perth’s urban growth and development to around 2050, determining where new homes and employment will be located – Ms Steinbeck said the north-west subregional framework set out the proposals to achieve more consolidated urban form within the subregion, along with meeting long-term housing commitments.
“Strategic metropolitan centres are designated at Joondalup city centre and Yanchep city centre, with Alkimos designated as a secondary centre,” she said. “It is important to understand that the region’s infrastructure, transport connectivity and plethora of amenities will service a growing population in an efficient and sustainable way well into the future.”