Girrawheen and Koondoola
Hi All
This may be of interest to those looking at development opportunites in the future.
I have attached a couple of links, City of Wanneroo Planing Policy and an interactive map.
I have purchased 3 properties in Girrawheen now, landbanking for the proposed rezoning, R40/R60.
From my research, Girrawheen is considered a better area, in particular properties close proximity to Wanneroo Road.
Most blocks are around 698 sqm2, very difficult to build 3 decent units, so what I look for are properties which I can maintain front and build at the rear, so you need enough access and the property to be in the right position on the block. There are plenty around but there are also plenty of buyers. One of the properties I purchased is on 840 sqm block, however as I mentioned they are rare in this area.
I started looking in Girrawheen about 6 months ago and prices have gradually crept up, from low $300s, now I believe you will need to pay $350K+ depending on the condition for same product.
The rents in Girrawheen are far superior than those in Koondoola (approx $50 short fall in Koondoola), my properties are all pretty much looking after themselves. Rental range of $380 upto $420 per week. It is important that you get the right tenants, we knocked back many, so just need to be patient with this.
I still think there will be some great buying opportunities and I really don't know where you can purchase property at this price that is only 12km from the city. Surrounding areas are all higher entry levels.
I also believe it may be difficult for these areas to break through the $400K barrier, however, in saying this some have already achieved this because the property is unique, by this I mean corner block, larger than normal land component.
Cheers, MTR
http://www.mapimage.net/IntraMaps75...configId=fae0c365-f0b7-4269-805d-2f6b46741b51
http://www.mapimage.net/city_of_wanneroo/ which takes you to an interactive map that can be searched easily. To view the areas affected by the Policy, select the 'zoning' module on the left-hand side of the screen, and then 'check' the Housing Strategy layer