Suburb snapshot: Craigie
Craigie has generally outperformed the wider Perth market, with an annual average growth of 12% over the past 10 years (compared to 10.2% for Perth), and it should continue to deliver above average returns to investors.
Developed in the 1970s, Craigie is a northern coastal suburb situated 22km from the Perth CBD and around 4km from the Joondalup City Centre. It neighbours the premium suburb of Kallaroo to the west, Beldon to the north, Woodvale to the east and Padbury to the south.
Craigie has an abundance of parks & reserves and offers residents easy access to a major shopping centre (Whitford City), and a popular leisure centre within the suburb. The suburb also has its own shopping and medical plaza, as well as a popular tavern. Transport in and out of the suburb is a breeze with direct access to the Mitchell Freeway and 2 train stations.
The suburb is predominantly made up of old 3 bedroom houses on large blocks, which typically sell in the low to mid $400,000’s depending on condition and location. Vacancy rates are generally very low with a 3 bedroom house renting for around $380 per week.
A few years ago, the City of Joondalup prepared a draft Local Housing Strategy, in which a large part of Craigie, the entire western side of Eddystone Avenue, was identified as being suitable for higher residential densities. The strategy could see most of the area obtain a dual zoning of R20/R30, except the southern end closest to Whitford City Shopping centre which could obtain a dual zoning of R20/R40.
In February of 2011, Council resolved to adopt the strategy and forward it to the Western Australian Planning Commission (WAPC) for endorsement. It is anticipated that the endorsement of the strategy by the WAPC will be finalised sometime between 2013 and 2016. It is only then can landowners apply for development or subdivision approval.
There is also a development in the later stages of planning for the former site of Craigie High School. It’s an urban renewal project covering over 10 hectares and could see the development of up to 132 dwellings. It will also include public open space and an associated road network.
The WAPC and City of Joondalup have both approved the structure plan and in April of this year, a Subdivision Plan was submitted to WAPC for approval. Civil works are expected to commence in early 2013 and the first round of lots should go on sale in late 2013 with lot sizes ranging from 250 to 500 square metres.
Craigie has generally outperformed the wider Perth market, with an annual average growth of 12% over the past 10 years (compared to 10.2% for Perth), and it should continue to deliver above average returns to investors. This is helped by the fact that it is one of the few remaining affordable suburbs within 2km of pristine beaches, included the popular Mullaloo Beach.
With an older housing stock that is being renovated or rebuilt, the proposed rezoning, and a massive new residential development in final stages of planning, the area will see significant revitalisation over the coming years. This should further increase its appeal to buyers and renters.
|Growth rate (1 year average)||-3.5%|
|Growth rate (5 year average)||1.8%|
|Growth rate (10 year average)||12%|
|Median age of residents||34|
|Median weekly household income||$1,316|
|Percentage of rentals||24.2%|
Source: REIWA.com.au, July 2012; ABS, July 2012