With the State Government’s Metronet rail plan due to steam ahead over the next few years, will there be a lift in the prices of suburbs close to the line?
Savvy property investors will tell you that good transport infrastructure is one of the most important factors that can make an area a good growth prospect. Research in the USA, Brisbane and Melbourne also shows that properties blessed with good road or rail links do chalk up higher prices than homes in suburbs short of convenient transport facilities.
Two suburbs located on either side of the Roe Highway should benefit from the proposed Circle Line between Thornlie and Cockburn. One of the suburbs, Willetton, already has enviable links to road and rail transport, but other areas close to Roe Highway could also receive a further boost from the proposed Ranford Road Station. For example, Canning Vale homes on the other side of the Roe Highway, particularly those close to the Ranford Road station, may well enjoy some perks in price growth.
Demand for properties in suburbs next to the Mandurah Line, such as Atwell and Hammond Park, is strong. In the north, suburbs with easy access to the Joondalup Line as well as Wanneroo Road and the Mitchell Freeway are also popular among home buyers, such as Madeley and Landsdale.
Today, many buyers prefer to live in an established suburb with the amenities of modern life. As a Melbourne study pointed out, “Generation Y typically value easy access to the city lifestyle via public transport over homes with large backyards or the facilities to raise a family.”
Aaron Maskrey, author of the PRD Nationwide study, said trends among young people suggested they preferred no-fuss, low-maintenance properties that were affordable.
Nicheliving’s experience indicates it’s not just Millenials who are looking for low maintenance affordable homes in long established suburbs with good transport links, but also investors and downsizers. Few are aware that if low maintenance is what you want, there’s nothing better than a new house. Put it in a convenient location and you’ve basically got a recipe for success.