With the completion of the multi-million dollar Fiona Stanley Hospital due in 2014, I asked a local Real Estate Agent, Mr Andrew Stone of L J Hooker Fremantle, his thoughts on the impact of the project on the local property market.
Q. Andrew, has there been any impact on local property prices and is any growth likely to continue?
A. As construction of the multi million dollar Fiona Stanley health facility moves closer to completion, there is already a huge growth in the suburbs that immediately surround this area.
Together with the Murdoch train station and university, along with the Bullcreek Shopping Centre, I predict that this growth will compound after the new hospital opens especially as the operations of the Fremantle Hospital are reduced.
Q. What would you say are the best medium term property investment opportunities as a result of this predicted growth?
A. The best medium term investment opportunities are existing houses on large blocks within 5 minutes drive of the Murdoch train station.
Such suburbs include Leeming and Willetton, which are both well serviced by public transport links and have many homes on larger blocks. As there are still properties in these areas at under $600,000 there is still strong upside potential for capital growth after recent growth exceeding 10%.
Over time there will be opportunities to redevelop these properties to extend, subdivide or build granny flats and capitalise. Strong rent demand as well as continued population growth and an influx of doctors, nurses and specialists will mean that properties will continue to be highly sort after.
Q. What do you see as the primary suburbs that will see demand from doctors and families arriving to work at the new hospital?
A. The suburbs of Winthrop and Bateman are likely to see strong interest from doctors and double income families relocating into larger homes closer to the new hospital. The proximity of Murdoch University plus the private primary and secondary schools located on Murdoch Drive will also add to the appeal of these suburbs.
Murdoch will become a true activity centre and anyone who buys in the areas surrounding will enjoy the benefits of the convenience and growth attached.
It seems apparent from Andrew’s replies to our questions that the growth prospects for the suburbs surrounding the new Fiona Stanley Hospital look very positive. With interest rates at an all time low and with some commentators forecasting a further possible rate cut in 2014, now is certainly a time to borrow to invest in the property market.
Don’t hesitate, contact me today for an obligation free discussion regarding your home loan needs.