Suburb snapshot: Victoria Park
Plans for development over the coming years by the local and state government are likely to enhance the potential of the area and see a solid rebound in capital growth.
Victoria Park is an inner-city suburb developed in the late 1800’s and situated approximately 3km south east of the Perth CBD. It fronts the Swan River and consists mainly of residential properties but also some commercial.
Being just minutes from the Perth CBD and with easy access to Canning Highway, Great Eastern Highway and Albany Highway, Victoria Park is ideally positioned. It makes transportation to and from key destinations such as the Perth CBD, South Perth, Fremantle and the airport a breeze.
It is also well placed to take advantage of many local and nearby amenities including, but not limited to, a train station; parks; the Swan River; four schools; numerous cafes, restaurants and retail shops (on Albany Highway); Centro Victoria Park shopping centre; and Crown Resort and Casino.
Victoria Park is an old suburb and as such it is home to a variety of housing types that have emerged over the years including turn-of-the-century cottages, modern houses, small groups of villas and townhouses, as well as apartment complexes. Some parts of the suburb even offer views of the city.
Prices start from around $250,000 for a 1-bed apartment, the mid $400’s for a villa, and houses from $600,000. Rents typically range from $250 – $750 per week on average. There is a good level of turnover of properties in the area and the average days on market is currently around 88 days, similar to the Perth average (Source: Australian Property Monitors, to May 2012).
For investors, Victoria Park offers an opportunity for those wanting to get close to Perth city at an affordable price. It also has parcels of land available for development, old character homes waiting to be renovated and is a highly desirable area for people to rent, including students, because of its proximity to Curtin University in Bentley.
Although the area has not performed as strongly in recent times, plans for development over the coming years by the local and state government are likely to enhance the potential of the area and see a solid rebound in capital growth. Such projects to keep an eye on include the light rail network, the new Perth Stadium earmarked for construction on the Burswood Peninsula, and urban infill developments as part of the state government’s ‘Directions 2031’ strategic plan.
The unique combination of Victoria Park’s proximity to the city, lifestyle amenities and suburban feel should underpin and protect the long-term investment prospects of the suburb.
|Growth rate (1 year average)||-8.9%|
|Growth rate (5 year average)||0.7%|
|Growth rate (10 year average)||9.1%|
|Median age of residents||33|
|Median weekly household income||$997|
|Percentage of rentals||52%|
Source: REIWA.com.au, September 2012