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Property selection critical for success

Tuesday, 4th Aug 2015

girrawheenAffordability and proximity to the Perth CBD are this suburb’s two main strengths, however investors need to focus on certain pockets to make the best capital gains.

Girrawheen is located within the City of Wanneroo and comprises a population of about 8,300 residents with a relatively young median age of 33 years.

The suburb is 12 kilometres from the Perth CBD, which is accessible via Wanneroo Road, and is comparatively affordable with an average house price of $430,000.

Currently, about 80% of dwellings within the suburb are houses, which is reflective of its zoning – low-density residential (R30 or lower).

However, slated changes to Girrawheen’s housing strategy have recommended an increase in housing density to R20/40 and R20/60 in strategic locations, such as around the suburb’s shopping centres.

Given this, as well as some high concentration of state housing in the suburb, investors need to be particular about the specific pockets to buy in.

Girrawheen’s two major shopping centres are the Summerfield and Newpark precincts, while Warwick Shopping Centre is a short drive away but larger.

About 70% of the properties within the suburb are either fully owned or being purchased with 30% being rented – about the Perth average.

Girraween boasts many parks and ovals including the Warwick Reserve and Leisure Centre on its western boundary.

There are also multiple primary schools within the suburb as well as Girrawheen Senior High School.

Residents can also take advantage of the Joondalup train line with Warwick station only several kilometres from the suburb.