Recently Bruce Porter was invited to present to the Australian Property Institute at one of their 4pm forums providing an insight into the Victoria Park property market. The supporting slideshow to this article can be found here.
The Commercial offices of Porter Commercial and the Residential Office of Porter Matthews Victoria Park are both located in the Town of Victoria Park and so we have significant interest in the Victoria Park real estate market.
RESIDENTIAL SNAP SHOT
As an inner metropolitan Council, the Town of Victoria Park is a naturally dynamic residential and commercial pocket sized area packed into a mere 18 square kilometres. 32,000 residents forecast to grow to 45,700 by 2031.
REIWA Statistics show that over the last ten (10) years the residential marketplace in Victoria Park has given an average annual growth rate of 5.3% compared to the Perth Metropolitan Region of 4.2%, so as a residential destination, the area is showing better than average value growth. The median housing price is $670,000.00.
I will be talking on the commercial aspects of the Town of Victoria Park and the investment results are far more stunning than the residential marketplace has been able to offer.
I will give you a general overview of prevailing rates of value through the different Albany Highway and Burswood Precinct zones and then highlight a number of case studies of transactions in which we have been involved, which we hope will give you a deeper understanding of this dynamic marketplace.
We have carried out a sales analysis of a basket of commercial transactions throughout the Town of Victoria Park to be able to give you a sense of the investment performance of this dynamic area. From our analysis we can tell you that the average annual growth rate in commercial values over the last ten (10) years has been approximately 11% per annum, so twice the residential growth rate. If you bought for $400,000.00 in 2006 you would be sitting with nearly $1.13 million today and that is exactly what we have seen in some of the sales that we have concluded.