The long-awaited announcement of a $60 million revitalisation program to transform Scarborough into one of Australia’s top coastal destinations would have been very welcome news for investors in the area of the iconic Perth beachfront suburb.
Scarborough is perfectly situated to enjoy all the benefits of the multi-million dollar urban upgrade. Residents will step from their front entrance onto a completely redesigned coastal precinct, which will feature extensive landscaping of public areas, rolling lawns, boardwalks, shaded zones, spectacular viewing areas and superior facilities and services.
World-class shops, cafes, restaurants, entertainment venues, public facilities and recreation amenities will also be on their doorstep, with the new 50 metre beach-side pool within easy walking distance.
From a lifestyle point of view, residents can enjoy stylish, sophisticated and modern living in houses, villas, townhouses and apartments that have been architecturally designed to maximise urban convenience with the benefits of a relaxed coastal location.
From the perspective of an investment in real estate in Scarborough, years in the planning and timed to perfection with the announcement of the Scarborough revitalisation project, the suburb offers investors a chance to capitalise on the area’s potential upside.
From a property perspective, well-located suburbs where rental properties account for a significant portion of housing stock generally achieve high rates of capital growth, and Scarborough is no exception. Here, upwards of 40 per cent of all properties are rented and now that government has committed to upgrading the area, demand for property is set to escalate. In fact, house values in Perth are just starting to accelerate - with new figures from the Australian Bureau of Statistics showing that house prices rose by 0.3 per cent for the December quarter from a 0.1 per cent increase in the September quarter and a flat June quarter.
The rate cut announced by the Reserve Bank in early February - this time to a record low of 2.25 per cent - should add further impetus to the property market, and according to an expert in real estate in Scarborough, O’Rourke Realty Investments, this is another piece of good news for Scarborough residents and investors alike who are looking to take advantage of what is certain to become one of the country’s most sought-after beachfront destinations.
Information provided by Jarrad O'Rourke of O'Rouke Realty Investments