Officially named as the second fastest growing area inby the Australian Bureau of Statistics in 2016, North is a viable area that investors should be keeping an eye out for.
Recent CoreLogic data shows that North Coogee median unit prices are increasing in value, increasing by 5.85 per cent from $499,000 in December 2016 to $530,000 in February 2017 which OpenCorp states is performing better than the rest of Western Australia in the same period.
Median rent prices have also risen in North Coogee, according to CoreLogic, with an increase of $395 per week in January 2017 to $408 per week in April 2017.
The suburb was also named as Perth’s second fastest growing area by the Australian Bureau of Statistics, as the area saw a 20 per cent rise in population between June 2015 and June 2016.
“North Coogee offers owner-occupiers ideal coastal location and investors a promising return on their purchase,” said OpenCorp director Allister Lewison.
“There is currently a large amount of investment in the area from government and developers alike, providing home buyers and investors the opportunity to purchase at the lower end of the market before Western Australia’s market conditions strengthen and prices increase.”
The investment from government comes in the form of an increase of more than $1.6 billion on road and rail infrastructure, which includes the Metronet project, as covered previously.
Metronet, in addition to the Turnbull government’s Smarter Cities Plan, will develop North Circle and South Circle train routes to connect Perth and its surrounding suburbs. North Coogee will be connected with a new Coogee station in the South Circle route to connect it with Perth, Fremantle and Perth Airport.