Why are houses in Girrawheen and Koondoola selling like hotcakes?
5 Answers
Well the rezoning has now moved onto the next stage. Currently being advertised for public comment. After that, its back to the WAPC and the planning minister for the final stamp of approval. I reckon by middle of next year Girrawheen will be rezoned and the prices will move upwards accordingly. A general slowdown in the property market will affect the overall values, but I think the potential profits of turning a 692sqm or larger block into 3 new properties will create upward pressure to combat the slowdown.
Just received the following from CoW today - GREAT NEWS - rezoning approved subject to minor modifications and should be all done and dusted in a few weeks. Please be advised of the below update to the progression of Amendment No. 119 – Recoding of Wanneroo and Girrawheen-Koondoola. Scheme Amendment No. 119 for Wanneroo and Girrawheen-Koondoola has been approved by the Minister for Planning subject to modifications and the City is now in the process of making the necessary administrative changes to the documentation required to gain final sign off by the Minister. This is expected to take place over the next few weeks. Following final sign off by the Minister, the scheme amendment will be published in the Government Gazette, at which time development and subdivision applications will be assessed under the higher residential density coding. When the City receives formal notification of approval by the Minister for Planning, all affected landowners, and those that made a submission on the Amendment will be notified in writing.
I have been a Koondoola resident for over 20 years - the suburb is mostly owner/occupier and is in the process of being rezoned to R40/R60 along with Girrawheen .
We are well located to access Perth City and Joondalup City - approx 15kms in either direction.
The new proposed light rail (University line) is expected to be up and running by 2020 and will come up to Mirrabooka which is only a stones throw away.
It is a lovely little suburb encased by Marangaroo Dve, Alexander Drive, Beach Rd and Mirrabooka Ave with over 1/3rd being a native bush reserve.
Mostly Ex S.H.C. Homes were built to a good Government specification with little more in size for bedrooms. Only the S.H.C. constructed homes have Jarrah Floorboards. In the near future R40 Rezoning Potential + average Block size is generous 691 square metres. Lots of Public Open Space and Primary and High Schools (Private & State H.S.) Well serviced with medium sized shopping centres. Not too far from Perth City or Major shopping centre at Mirrabooka Square, close to Mirrabooka Bus Station, also Centrelink Office for pensioners etc. Good number of Cafes, Fish & Chips shops and Delis. Ever since HomesWest sold many Town Houses to Private Owners, we have less problem Tenants and more responsible type of Owner/occupants. The crime rate has plummeted since SHC sold off most of their Houses and Town Houses. I have lived in GIRRAWHEEN for over 30 years and find I got good value for money - of course, I paid $26,500 for my 3 Bedroom Home when I purchased it. Last month, the house 2 doors away from mine sold for $430,000. Today, the Stamp Duty alone may exceed the price I paid for my home 30+ years ago. If I won 1st Division in Lotto, I'd buy several houses in Girrawheen to Rent-out; BUT few are selling for fear of paying exorbitant Stamp Duty on another House elsewhere - or just maybe, they LIKE Girrawheen. I love Girrawheen.
I believe that there is potential for future re-zoning in these suburbs so investors may be speculating on this and picking up stock now, for redevelopment later.
These areas are good value, under the Perth median price but close to everything you need. With the market moving a little they offer a good entry price for investors and first home owners. Not very far from the city, so people are willing to buy despite the bad press/reputation for these suburbs. To buy similar priced and sized land and houses elsewhere you would need to go out to Armadale, miles form the city. A lot of development so some areas are probably better than in the past and in time the reputation might change.
The City of Wanneroo forwarded the Amendment documents and other requested information to the Commission in October 2015. Once the Amendment is with the Western Australian Planning Commission, the City will have no control over how long they take to assess or how long the Minister will take to approve.