Named the second-fastest growing area in Perth by the Australian Bureau of Statistics in 2016, local infrastructure investments appear to be fuelling steady price growth in Perth's coastal, western suburb of North Coogee.
Located within the City of Cockburn, North Coogee is located four kilometres south of Fremantle and 23 km south of Perth. The redevelopment of Cockburn area will bring an additional 12,000 residents and 6000 homes along a 1.5km seaside corridor over the next 20 years.
Recent CoreLogic data reveals that the North Coogee median unit price has had a positive start to the year, with an increase of 5.85% from $499,000 in December 2016 to $530,000 in February 2017. This steady growth has far outperformed the rest of Western Australia over the same period, with broader median prices remaining flat.
Median rent price has also risen in North Coogee, according to CoreLogic, increasing from $395 per week in January 2017 to $408 per week in April 2017.
Along with positive growth, North Coogee is set to benefit from significant government spending on infrastructure. The Federal Government recently announced it would dedicate more than $1.6 billion towards the Western Australian road and rail infrastructure project, which includes its flagship project Metronet.
If approved, the project will provide residents of North Coogee with a new Coogee railway station on the South Circle route that allows for greater connectivity to Perth, Fremantle and Perth Airport, making it easier for residents to easily commute for work and leisure.
“North Coogee offers owner-occupiers ideal coastal location, and investors a promising return on their purchase,” says Lewison.
One such opportune development currently available is Quayhouse, a resort-style multi-residential project by OpenCorp that consists of just 38 apartments.
OpenCorp's North Coogee development 'Quayhouse'Located within Port Coogee, the four-storey development contains luxurious rooftop communal areas including a pool, al-fresco cooking area and private outdoor cinema. Beyond the rooftop communal areas, the development’s position within the Port Coogee community provides endless opportunities for leisure activities.
“Our aim for the project is to provide the highest quality building in the North Coogee area, but at the same time not compromise on affordability.”
“There is currently a large amount of investment in the area from government and developers alike, providing home buyers and investors the opportunity to purchase at the lower end of the market before Western Australia’s market conditions strengthen and prices increase.” says Lewison.
Port Coogee is also soon to be home to Western Australia's first 9-star rated apartment complex.
Earlier this month, Western Australian government land development agency LandCorp announced Fremantle-based David Barr Architects as the winner of its Step Up design competition.
The competition sought an affordable and sustainable medium-density housing proposal to be constructed on a site in LandCorp’s Shoreline development in North Coogee. It will be a zero-energy building, meaning it will generate more energy than it consumes.
David Barr architect's winning eco-friendly designThe project will use a prefabricated ‘passive haus’ construction system, the first of its kind in Western Australia, which allows a rapid build process and significant savings on construction costs. The building will maintain a constant internal temperature of between 20 and 24 degrees.
North Coogee is also home to the $2 billion marina and residential estate development Port Coogee. Port Coogee is one of Australia’s biggest coastal renewal projects and includes parks, playgrounds and a marina village.
The $2bn Port Coogee marina developmentOnce complete, the development will be home to more than 4000 people and will include a commercial and shopping precinct.
Given the huge investment in the area, it is not surprising that in 2016 North Coogee was named Perth’s second fastest growing area, which, according to Australian Bureau of Statistics, saw a 20% increase in population from June 2015 to June 2016.
Main image Perth beach coastline copyright: mcclare / 123RF Stock Photo