If you’re thinking about buying in the near future, don’t overlook the suburb of Ocean Reef which has been tipped for some serious growth potential with the approval of a new marina.
The suburb has been popular with families for my years, but could soon become an investment hot spot with predictions of capital growth opportunities.
We witnessed a similar thing happen with the Hillarys and Mandurah Marina’s, so it’s very likely Ocean Reef’s new addition will be no different in its effect on the areas property prices.
Coastal property in Perth has traditionally outperformed the overall market due its offer of a particular “lifestyle” which dominates the real estate market.
Following the decision by the State Government to spend $120 million on a new marina in the suburb, the plans will convert the Ocean Reef Boat Harbour into a new waterfront precinct that would be similar to that of Hillarys.
It’s no secret that Marinas have been known to have huge influences on on property values of a suburb- we know from personal experience!
The Peard Group opened its first office at the Hillarys Marina twenty years ago and today, the marina has transformed- becoming a major social hub and attracts thousands of visitors each week. The transformation has been mirrored by a rise in property value through the years.
The median house price in Hillarys is sitting at $803,500 – roughly $300,000 higher than the overall median house price in Perth.
And it’s not just the Hillarys Marina that proves our theory - other suburbs with Marina’s have also become highly sought-after including Mindarie, Mandurah and most recently Coogee.
Currently, you can still purchase an established home in Ocean Reef for under $600,000 but we predict these lower priced homes will surge in value when work begins on the new marina in 2020.
The new marina will include apartments and retail developments, along with 550 boat pens and boat stackers.