STADIUM A BOON FOR HOME PRICES
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.”