Property Research Strategies in Practice
In 2007, the Momentum Wealth Research Division identified the City of Joondalup as an investment-grade location, primarily the western affordable suburbs of Beldon, Craigie, Duncraig and Padbury.
The affordability of the suburbs, combined with the burgeoning Joondalup Centre, northern urban sprawl and close proximity to the highly rated Perth coast line, primed the suburbs to experience strong growth from increasing demand.
In 2011 a proposed change in zoning was announced which would increase development potential within 13 suburbs of the large municipality. These suburbs included Beldon, Craigie, Duncraig, Edgewater, Greenwood, Hillarys, Joondalup, Kallaroo, Kingsley, Padbury, Sorrento, Warwick and Woodvale with the residential up-coding affecting the immediate areas near shopping centres and existing train stations. This expanded the scope of the Research Division at Momentum, who realised that these specific pockets within these suburbs were now investment grade locations.
The key asset class targeted by the Momentum Wealth buyer’s agents were properties with a high level of value in the land, specifically single detached housing, as they offered strong future development potential. However due to the amount of time zoning changes can take to be implemented, it was also paramount that these properties were in rentable condition and could be tenanted for the short to medium term.
For a full overview of the Joondalup strategy, including a strategic timeline, download our latest research report