Suburb snapshot: Morley
Our bi-monthly Suburb Snapshot section shares our tips on the best suburbs to keep a watchful eye on for your next investment purchase. In this month’s issue, we’re going to profile the changing suburb of Morley.
Morley is a well located suburb approximately 7 kilometres northeast of Perth’s central business district and 7 km from Perth Airport. It sits within the City of Bayswater local government area and is surrounded by the suburbs of Bassendean, Bayswater, Bedford, Beechboro, Dianella, Eden Hill, and Kiara. Morley residents have a wide choice of local schools and access to 31 parks, which cover 6% of the total suburb area.
Morley was established in the late 1950s and over time has become a major shopping and commercial centre. In 1961, it was the home to Boans, Western Australia’s first single unit shopping centre and the largest of its time in Perth. Today Morley is home to Centro Galleria, Perth’s second-largest commercial shopping centre, which was constructed in 1994.
It doesn’t have a train station, but Morley is well serviced by a comprehensive bus network making it a significant regional hub for bus transport. Average travel time to the Perth CBD from the Morley bus station, by bus, is approximately 15 minutes.
The suburb provides excellent access to the major arterial roads of Morley Drive, Tonkin Highway and Guildford Road and is only 2 km from the Ashfield Industrial Precinct, which is marked for future expansion.
Households in Morley are primarily couples with children and the predominant dwelling type is houses, which generally sell from the low $300,000’s to the high $600,000’s. Property listings typically stay on the market for around 80 days, similar to the overall market average, and there are around 320 sales per year.
The future looks very bright for Morley. The Western Australian Planning Commission’s ‘Directions 2031 and Beyond Strategy’ identifies the Morley City Centre as a Strategic City Centre. This is because it is already an important employment node and strategically located to capitalise on existing and future economic and population growth.
Building on the principles of Directions 2031, Council endorsed the Morley City Centre Masterplan in October 2010 following widespread community consultation. The Masterplan provides a vision for an attractive and prosperous city centre, with increased business and employment opportunities, enhanced lifestyle options such as cafes and restaurants, and more housing choices. According to the Masterplan, developers will have significant redevelopment opportunities, with the potential for buildings up to 12-16 storeys in the centre.
Some of the major projects outlined in the Masterplan include creating a new central park on Russell Street, improving the look and accessibility of bus services, upgrading streetscapes and public spaces, and making streets more pedestrian friendly.
December 2011 saw the opening of Morley’s Coventry Square, Perth’s biggest markets complex and billed as a new tourism precinct offering 179 stores and restaurants in a 2ha indoor building. This development, which took 3 years to complete and cost $60 million, marks a significant turning point in the transformation of Morley with $3.5 million also spent on road upgrades around the markets.
As more aspects of the Masterplan begin to take shape, over time Morley should become a more desirable place to live and the demand for property in the area should grow. It is a suburb that should be on most investor’s radar.
|Growth rate (1 year average)||-2.1%|
|Growth rate (5 year average)||1.4%|
|Growth rate (10 year average)||10.8%|
|Median age of residents||38|
|Median weekly household income||$980|
|Percentage of rentals||24%|
Source: REIWA.com.au, May 2012