Long road to ‘overnight success’
JOONDALUP is a “40-year overnight success”, according to property analyst and commentator Gavin Hegney.
Mr Hegney joined LandCorp metropolitan and industrial general manager John Hackett, Lakeside Joondalup Shopping City centre manager Gemma Hannigan and Primewest director David Schwartz for a panel discussion at a City of Joondalup business forum at Joondalup Resort on Tuesday morning.
The panel was facilitated by Y-Research principal and chief problem solver Damian Stone, whose recent report gave the Joondalup city centre the highest score for diversity of property uses across the 24 main activity centres in the metropolitan area, including the Perth CBD.
The Activity Centres Diversity Index is a 100-point system based on 19 measures including the range of retail uses, size of the office and apartment markets, civic uses and transport links.
Joondalup scored 90 points, four ahead of the Perth CBD and 14 ahead of Rockingham in third.
This can be put down to Joondalup being home to Lakeside Joondalup and Joondalup Health Campus, a maturing office market, the largest apartment market north of Scarborough, good public transport links and a low level of vacancy across property markets.
“The Joondalup city centre, through careful long-term planning and infrastructure delivery, has grown to accommodate Perth’s largest shopping centre, major university and health campuses, solid office and industrial property fed employment bases, and the largest apartment market in the northern suburbs,” Mr Stone said.
“This diversity of property uses has given Joondalup a competitive advantage over competing centres, which should fuel future growth over the next decades.”
The panellists also discussed topics including how Joondalup’s property diversity had been nurtured by planning initiatives over the past three decades, how the region’s innovation agenda will flow through to its property markets and what advice they would give the new State Government to fast track growth in Joondalup.
Mayor Troy Pickard said it was pleasing to hear the panel’s feedback about the Joondalup city centre, which is experiencing unprecedented growth.
“Cranes in the Joondalup city centre have now become commonplace,” he said. JOONDALUP Mayor Troy Pickard used Tuesday morning’s business forum to announce “two transformative initiatives” that he would present to the council for endorsement during its current budget discussions.
The first was a new $1 million creativity and innovation fund to be housed at the Joondalup performing arts centre if approved and the second was to transform the Woodvale and Whitford libraries into creativity and innovation resource centres. “These two exciting new initiatives will have no net impact on the City’s budget and will play an important role in continuing to transform the City of Joondalup,” he said.
Primewest director David Schwartz, City of Joondalup CEO Garry Hunt, property analyst Gavin Hegney, Lakeside Joondalup Shopping City centre manager Gemma Hannigan and LandCorp’s John Hackett. Below: Damian Stone.