Is the stigma lifting on this underutilised riverside suburb?
Ashfield came onto the radar of many investors when talk first emerged about the Ashfield Precinct Plan, which was formally released at the beginning of 2010. Ashfield is located on the Swan River, 9km from the Perth CBD and part of the Town of Bassendean. It’s a very small but well-located suburb serviced by major strategic transport routes, including Guilford Road and Tonkin Highway.
It has its own railway station on the Midland line and the Perth airport is located just on the other side of the river. The suburb was mainly developed in the mid 1900s, but many older homes have now been renovated or replaced by newer ones.
With its high proportion (20%) of state housing and reputation for anti-social behaviour, Ashfield has always carried with it a certain stigma. Though, it’s fair to say that this has been improved over recent years. In real estate terms, the suburb’s median house price is $515,000, below that of Perth, but its growth has generally outperformed the Perth average over the past 10 years.
The Ashfield Precinct Plan, published by the state government, is intended to guide future development within the precinct, which roughly encompasses an 800m walkable catchment of the Ashfield Railway Station. This area actually includes parts of neighbouring Bassendean and Bayswater.
The aim is turn the area into major employment activity centre by utilising large pockets of relatively underutilised but strategically located land. Recommendations include increasing the utilisation of public transport by improving accessibility to the train station, and facilitating higher residential densities. With plenty of demand for affordable housing in Perth, Ashfield could be a promising target for developers looking for residential subdivision opportunities.
Momentum Wealth’s own research has uncovered some potential risk factors and we buy selectively in the suburb. But all in all, there is enough to warrant a look at this changing suburb. If you are looking for more information about purchasing an investment property in this area please contact Momentum Wealth at firstname.lastname@example.org or 08 92216399.