Suburb snapshot: Belmont
Belmont is located just 7 kilometres east of Perth’s central business district on the southern bank of the Swan River and part of the City of Belmont. It neighbours the suburb of Ascot to the north, Redcliffe to the east, Cloverdale to the south, and Rivervale to the west.
While some associate the suburb with its considerable industrial and commercial district, mainly concentrated in the western part of the suburb, Belmont is also a popular place to live especially in the eastern and northern parts of the suburb.
The suburb’s north-western boundary is Great Eastern Highway, a major road that passes Perth Airport and is home to various motels and other accommodation.
Belmont has two public schools, Belmont Primary School and Belmont City College (formerly Belmont Senior High School), as well as a number of parks and recreational areas, including the popular Centenary Park and Signal Hill Bushland.
Residents of Belmont have a variety of retail options including Belmont Forum, a major shopping complex located in neighbouring Cloverdale, which also includes a cinema and entertainment facilities.
The median house price in Belmont is around $480k but this figure masks the wide range of housing options and price points available in the suburb. There are villas for sale from $350k to 450K, older houses on big blocks from $450k to $550k, townhouses in the mid to high $500k’s, modern homes from $600k to $900k and development sites anywhere from $550k to $900k depending on size and location.
The suburb has a relatively high proportion of renters, with 44% of properties currently being rented, and the median rent is an affordable $300 per week.
In terms of capital growth, Belmont has performed excellently both over the short term and the long term, consistently outperforming the wider Perth market. The growth rate over the past 12 months was an impressive 10.2%, which is in line with the 10 year average of 10.7% per annum.
Belmont has been transforming rapidly since the City of Belmont’s Local Planning Scheme No 15 was gazetted on 1 December 2011. The Scheme and associated Housing Strategy gave parts of the suburb higher zoning to encourage increased housing density and provide opportunities for developers. In fact, the Scheme more than doubles the density target set at State level in Directions 2031 and Beyond.
Also helping to transform Belmont is a major infrastructure project to upgrade Great Eastern Highway between Kooyong Road and Tonkin Highway, which covers the entire north-west border of Belmont. The $30 million project, jointly funded by the State and Federal Governments, will see a 4.2 km section of the highway upgraded to six lanes with a central median, on-road cycling facilities and a continuous pedestrian path. It will also involve upgrades to all major intersections and the introduction of bus priority lanes.
The project, which commenced in late June 2011 and has just been completed, should help to improve safety and connectivity for motorists, pedestrians and cyclists, reduce travel times, and increase the attractiveness of public transport services. It will also enhance the look of the area with new facilities and modern urban design.
Belmont will also benefit, at least in part, from Gateway WA, the largest infrastructure project ever undertaken by Main Roads WA. The $1 billion national priority project aims to improve the safety, attractiveness and efficiency of the main transport areas around the airport and the freight and industrial hubs of Kewdale and Forrestfield. The Gateway WA project incorporates road and bridge improvements, facilities and connections for pedestrians and cyclists, noise walls, landscaping and more.
For many investors, Belmont has been a hotspot for quite a while. With its strategic location between the city and the airport, a forward thinking council and various major projects enhancing the area, it should remain a strong investment option for some time more.
|Growth rate (1 year average)||10.2%|
|Growth rate (5 year average)||2.4%|
|Growth rate (10 year average)||10.7%|
|Median age of residents||34|
|Median weekly household income||$1,197|
|Percentage of rentals||44%|
Source: REIWA.com.au, March 2013