Suburb snapshot: Spearwood
There are certainly many reasons for investors to take notice of Spearwood, as an abundance of activity increases the suburb’s appeal and desirability.
Spearwood is located around 20 kilometres south of the Perth CBD and 7 kilometres south of Fremantle. Part of the City of Cockburn, it borders North Coogee and Coogee to the west, Hamilton Hill to the north, Bibra Lake to the east and Munster to the south.
Rich in history and heritage, Spearwood was originally known for its market gardens but few of these gardens are left in the area with the land taken up mostly by housing. The suburb consists mainly of older, separate houses from the 1970s and 1980s, however newer housing is emerging.
There is a large, district-level shopping centre in the suburb, Phoenix Shopping Centre, as well as a smaller neighbourhood centre in the south. There are three primary schools, numerous sporting fields and clubs, and parks located within the suburb. Spearwood is also home to the Spearwood Library and council offices.
From within Spearwood, there is direct bus access to the city and to the nearest train station, Cockburn Central, as well as good access to major roads. However, access to the freeway is a little convoluted. Residents of Spearwood have excellent access to medical facilities in nearby Fremantle and Murdoch, including the new Fiona Stanley Hospital.
There is relatively steady demand for property in Spearwood from buyers and tenants due to its excellent location near shops, the coast, schools and major employment areas. It particularly appeals to first home buyers.
Property in Spearwood is reasonably priced, with the median sale price below the Perth average and prices generally cheaper than the neighbouring coastal suburbs. The median sale price for a 3 bedroom house is around $453,500, and this sort of property would rent for around $415 per week. The median sale price for a 4 bedroom house is around $525,000 and this would rent for around $500 per week. Newer houses can sell for as much as $900,000.
The revitalisation that is happening both within Spearwood and in surrounding areas should be of great interest to investors. The nearby Port Coogee Marina will eventually provide many shops, restaurants, and cafes. The Cockburn Coast development just north of Spearwood will revitalise the old industrial area along the coast and transform it into a cosmopolitan hub of activity
A transport project of particular interest is the planned extension of Roe Highway that will extend the major arterial from the freeway to Stock Road, which will give residents of Spearwood direct access to the freeway. This project is still in the planning phase and a construction timelines has yet to be set.
Within Spearwood, a council-initiated revitalisation strategy is helping to improve the area by increasing density by around 50 per cent. Higher density is focused around the Phoenix Shopping Centre and allows many landowners to subdivide their properties. Revitalisation is also happening in nearby Hamilton Hill and Coolbellup.
There are certainly many reasons for investors to take notice of Spearwood, as activity within the suburb and surrounding it gradually increases the suburb’s appeal and desirability. With a good location and steady demand for property, it offers sound investment options particularly for those looking to buy, hold and develop down the track.
|Growth rate (1 year average)||2.6%|
|Growth rate (5 year average)||0.3%|
|Growth rate (10 year average)||9.7%|
|Median age of residents||41|
|Median weekly household income||$1,090|
|Percentage of rentals||29%|
Source: REIWA.com.au, May 2013