Hi All,
I have been holding a property in Northbridge for the past 6 years. Although its had a reasonable gain, its been disspaointing if you compare it to other areas. I have been waiting for the suburb to be revitalised but am getting frustrated. I am thinking about selling and investing in another area. Any thoughts?Michelle
Have you spoken to the council to see when or if this revitalisation is supposed to happen, usually they have some sort of timeframe. this may help you assess whether to hold or sell.
PK
Yes we have spoken to the council and the various redevelopment authorities. Revitalisation was supposed to have started after they finished the tunnel but has been very slow and very lack lustre. On top of that there is an increasing P.R problem with the area due to crime, prostitution etc. We keep holdin on thinking things will cjange…but???
Isn’t Northbridge just over the railway from the CBD? I haven’t been to Perth for over 10 years,but I thought Northbridge was ok from what I remember,and so close o the city.I am surprised you haven’t had much growth.Are there good and bad parts o fthe suburb?
Tools
I have always thought Northbridge was over rated.
Supposed to be the restaurant district….( joke)The signs were there when they tried to create a chinatown all those years ago.
Pretty much every capital city in Aus has a thriving chinatown.
Perth’s version in Northbridge is pretty disappointing.
Not a happening place at all.
Northbridge as a whole reflects this.Will it ever improve ???
What has to change for it to improve….
I mean, what is the attraction of the place ??People vote with their feet and their wallets.
Just compare Fremantle to Northbridge.
Its always busy.As far as apartments in Northbridge, what is their point of difference that will generate demand and hence some prospect of capital or rental growth ?
A far as I can tell, there are more and more being built, so there will not be a supply side problem.
And apart from ease of access to the city, who needs/wants to live there?Everyone is waiting for this long anticipated influx of the population who will desert their suburban blocks and want to ‘live in the city’.
There is so much competition against Northbridge, from new apartments on the Terrace, as well as East Perth and West Perth being marketed every day.
The only stuff that will really be in demand and hence have a more realisitc chance of growth, is the apartments that have a scarcer commodity, such as river views that cannot be built out.eg…Terrace Road on the Perth foreshore, South Perth Penisula, and West Perth/Crawley.If you wanted an opinionated opinion, I would say bale out, and invest as close to the coast as you can, either north or south of the river.
Buy in one of the new land subdivisions while the blocks are still affordable.kp
Originally posted by kerrcorp:Yes we have spoken to the council and the various redevelopment authorities. Revitalisation was supposed to have started after they finished the tunnel but has been very slow and very lack lustre. On top of that there is an increasing P.R problem with the area due to crime, prostitution etc. We keep holdin on thinking things will cjange…but???
I believe things are changing..
Less people are going to Northbridge, Families are staying away..however Freo and Subiaco are picking up..
It’s not a place i would hold an IP in..
I worked in the area for years and as a friend once told me “God made Northbridge so &*^%’s would have a place to go”..not polite but true.
It may change one day, but there are so many better options and remember ..we are in a Growth Phase at the moment..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHmmmm…
Its not looking good so far…Any more informed opinions on N/bridge ??
well I’ll chuck my hat in the ring…. I think it is a good investment area. When they finally sink the railway near the Ent Cent it will dramatically improve it. I think it has just had a bit of a bad wrap over the past few years but I would expect reasonably soon the cap growth will be corrected. I dont think it’s as dodgy as people make it out and it is quite appealling IMO. I once sold an apartment in the Maltings complex (which I think is a great development) and since then – without doing too much analysis on it – I seem to have noticed prices in there rising a fair bit.
northbridge will benefit from rising fuel prices, the rejuvination of northbridge itself, the sinking of the railway line and the increasing desire for cosmopolitan living.
so there you go – a few different opinions… minebeing someone who believes people will dump the suburban block in order to live a fuller life. they are all just opinions tho and it is yours that is most important.
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
I have similar thoughts to Ausprop.
I believe Northbridge will improve in time. Completion of railway project will have a great impact on area. Also plans to close off James Street will make an enormous difference to the atmosphere.
There have been major improvements to Newcastle Street, garden beds, land recently sold off, commercial blocks/apartments going up, houses being renovated. Surrounding streets are also changing, with cafes, and specialty shops opening up amongst residential props – terraces, semi detached houses.
In fact CG over last 12 months was 32.7% this obviously covers all types of properties.
The major problem as I see it at present on a micro level is the inconvenience caused by works currently underway. Some restaurants have closed down, limited parking etc.
I personally like Northbridge and would be happy to invest in this area.
Good luck
MLooked at buying a big gym in Northbridge about 2 years ago. Numbers looked really attractive, and the tenant looked good (10 yr lease, big rent).
Only thing that stopped us was the size of the land, and hence the land component of the deal was less than our criteria allowed. In the deal you were paying alot for the lease.
Anyway, with perfect vision hindsight I think the deal would of treated us OK, but we were happy with what we went with instead.
I have no opinion on the resi sector of Northbridge…know nothing about it.
Cheers,
Darryl Moore
“No point having a cake if you can’t eat it.”
Hi Michelle
Regarding getting out of Northbridge I’d agree with all that everyone has said but add five points:
1 – The $50m arts centre has now been approved on William St – this will kickstart a lot of the applications that are held up in Council. Will be a lot of niche/boutiquey commercial going on here.
2 – The development model has moved on from trying to create a Chinatown based recreation destination to an urban regeneration model. If any of the readers on here remember St Kilda or Fortitude Valley before they took off – that’s Northbridge right now. Northbridge has the same housing and social issues as both these areas (perhaps a bit more Fitzroy than St Kilda) but similar kick start will happen
3 – Check out Lake Street or the Brisbane Hotel (voted last week as one of the best bars in Australia. Probably the owner’s mum voted a hell of a lot, so I’m not saying this is the people speaking here, just that it seems positive). The developments around Lake Street, Brisbane Street, around Hyde Park is simply urgan gentrification 101. Galleries, arty cafes, cool bars etc – all moving in.
I would bet that in 5 years Northbridge will be the number one place where single professionals in Perth will want to live. But between now and then you are still going to have the same problems.
If you can hang on 5 years then I would say do that. If you can’t then there are probably better places in WA to invest right now.
Regards
J.Brisbane Hotel is a bit far from Northbridge isn’t it?
Its more Highgate/Inglewood isn’t it ??
As I said, I believe things will change over time (as they always do)But I’m surprised your not happy with your CG as we are in the middle of a Growth Phase..
IMHO look at the numbers of whatyou have and it’s potential..and the potential of other areas. I must admitt I prefer near the beach or river, lakes or water in any area.
And until there is another area that the problem element have to go to..Northbridge is it..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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