Property prices in one Perth suburb are expected to get a major boost from infrastructure investment and significant redevelopment plans.
Properties values within walking distance of Innaloo's shopping precinct are expected to receive a huge boost following the announcement that $450 million will be spent on redeveloping the Innaloo Westfield Shopping Centre.
Investment in new infrastructure is traditionally a driver of property values and it is expected this massive new investment in the Innaloo centre will have a positive impact on surrounding housing prices.
Plans for the $450 million Westfield overhaul will see it nearly double in size, adding a second storey and a cinema complex.
The redevelopment forms part of the City of Stirling’s plans for a new town centre that will include public open space, a rooftop dining precinct and ultimately scope for up to 500 apartments.
The revamped Innaloo Shopping Centre will be transformed into a major social hub and as a result people are expected to choose to live nearby.
The planned Innaloo development replicates the success of inner-city social hubs such as Northbridge and Subiaco, which have proven hugely popular with property buyers who want to live within walking distance of social amenities.
Work is expected to start in 2016. Astute buyers should be purchasing property in the precinct surrounding the Innaloo Shopping Centre before prices begin to surge.
Even before this announcement, Limnios was recording very strong demand for off-the-plan apartments at the nearby Stirling Cross Apartments at 1 Sunray Drive, Innaloo. Stirling Cross has sold 81 Apartments already.
Following the announcement of the Innaloo Westfield Shopping Centre upgrade we expect Stage 2 to sell very quickly, so prospective buyers need to act as soon as possible to register their interest.
Prices for the apartments at Stirling Cross start from $391,500. When you consider that Stirling Cross Apartments are just three train stops from Perth Central railway station, these are appealing prices for such a close city location.
Irene Limnios
Limnios Property Group has specialised in the inner-city Perth property market for over 40 years. During this period, Limnios Property Group has emerged as one of the most progressive and innovative real estate companies assisting both developers and property investors to achieve their goals through highly professional advice backed by an unparalleled depth of experience in the inner-city market.
