Mortgage brokers who service Baldivis have enjoyed the last few years. Due to its status as a “hot” Perth suburb, the average annual growth over three years has hovered near 20%. Its family-friendly “vibe” and some of the friendliest neighbours in Australia have made Baldivis a fun place to live and have produced a lot of satisfied home buyers.
However, a recent story in Perth Now Sunday Times indicates that suburban apartments are slowly but inexorably overtaking their inner city counterparts. According to figure compiled by their consultants Urbis, there are currently 74 apartment projects underway with more than 25 units in “the inner city and its fringe.” There are 70 such projects in the suburbs.
Since 1990, there have been 22,500 apartments constructed in the Perth metro area. 72% of them were in the inner city. Currently, suburban developments are said to make up over 42% of projects that are in progress.
According to David Cresp, Economics and Market Research Director for Urbis, suburban projects will become more popular, especially in the western suburbs, due to what he terms “pent-up demand.”
What Does This Have to Do with Mortgage Brokers in Baldivis?
Mr Cresp singled out the “success” of developments in Baldivis and Wellard as indications that the outer suburbs may see more growth. According to Mike Enslin, Managing Director of property developer Psaros, part of the reason for the popularity of apartments in suburbs is baby boomers who want to downsize but don’t want to move from their suburb.
Jervis Rise in Baldivis is a great example. They have sold 20 out of 51 apartments that range in price from $280,000 to $379,000. Their projected completion date for the entire development is sometime in February 2017.
Will it Happen Here?
We see a trend towards some apartments in Baldivis, Rockingham and the surrounding area, but we also see a lively market for houses.