STA­DIUM A BOON FOR HOME PRICES

Southern Gazette (South Perth) - - Residential -

THE new Perth Sta­dium is tipped to hugely ben­e­fit in­vestors and home own­ers in sub­urbs south of the area, such as Vic­to­ria Park, Lath­lain, River­vale, Carlisle and Kew­dale, ac­cord­ing to rate com­par­i­son web­site Rate De­tec­tive.

The project is ex­pected to in­ject $2.5 bil­lion into the WA econ­omy and cre­ate 2600 jobs dur­ing its con­struc­tion and ex­po­nen­tially in­crease prop­erty val­ues.

Rate De­tec­tive man­ag­ing di­rec­tor War­ren Dworcan said the added in­fra­struc­ture in the area would in­crease the de­sir­abil­ity of sur­round­ing sub­urbs, sim­i­lar to the growth seen in Su­bi­aco in past decades.

“Although Su­bi­aco Oval has been around for over a cen­tury, it was the in­tro­duc­tion of the West Coast Ea­gles and later the Fre­man­tle Dock­ers into the AFL that re­ally trans­formed Su­bi­aco,” he said.

“With 35,000 sup­port­ers de­scend­ing upon the area each week­end, restau­rants, bars and shops were all es­tab­lished to meet the in­creased de­mand.

“Now Su­bi­aco is a ma­jor hotspot for vis­i­tors all year round and the same ef­fect is likely to be seen in the new sta­dium’s sur­round­ing sub­urbs.”

Mr Dworcan pre­dicted a sig­nif­i­cant por­tion of the 60,000 spec­ta­tors ex­pected dur­ing events at Perth Sta­dium would travel through th­ese sub­urbs.

“As a re­sult, new eat­ing and drink­ing premises will be cre­ated as well as shop­ping precincts,” he said.

“This will, in turn, drive up prop­erty prices and rent through a bet­ter pub­lic trans­port sys­tem, in­creased eco­nomic ac­tiv­ity and greater em­ploy­ment op­por­tu­ni­ties.

“I wouldn’t be sur­prised to see the area trans­formed into a new trendy so­cial hub.”

Ac­cord­ing to data from REIWA.com based on set­tled sales at Oc­to­ber 3, the me­dian unit price in Lath­lain and River­vale is be­low $370,000.

Vic­to­ria Park, Carlisle and Kew­dale units are main­tain­ing me­dian prices be­low $470,000. Houses in th­ese sub­urbs are more ex­pen­sive, with Carlisle at the lower end of the spec­trum with a me­dian of $570,000 and Lath­lain top­ping the group with a me­dian house price of $752,875.

Mr Dworcan said home prices had risen since the project was an­nounced three years ago and he had no doubt they would con­tinue to rise.

“Not only will the sta­dium be a ma­jor at­trac­tion, but it will cre­ate jobs lead­ing to gen­tri­fi­ca­tion in the area,” he added.

“The sta­dium isn’t the only project which could in­crease lo­cal prop­erty prices – there is also the re­de­vel­op­ment of Lath­lain Park, the up­grade of the air­port and the build­ing of Crown Tow­ers.

“I be­lieve once th­ese de­vel­op­ments start hav­ing a no­tice­able im­pact, growth in the area will ex­plode.

“I would rec­om­mend pur­chas­ing some­where that is close to pub­lic trans­port – not only will con­ve­nient travel to the sta­dium be of huge value, but also the com­mute to and from the CBD will be much eas­ier from th­ese ar­eas.”

War­ren Dworcan.

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