Hello,
I am looking at a investment property in Westfield near armadale in WA. Long term buy nad hold strategy.
What do people think of this surburb and Armadale etc? I believe we should see some steady growth in the future.
here is the stats for the surburb; [taken from REIWA]
Population: 5,103
Median Age of Residents (Years): 31
Residents over 65 (%): 8.1%
Distance from Perth GPO (km’s): 26
Number of Homes:
Fully Owned (%):
Being Purchased (%):
Rental Properties (%):
Not Stated (%): 1,811
28%
47%
20%
5%
Median House Price: $153,500 (Year to Jun 2005)
Percent change from the previous year: 20.40%
5 Year Average Annual Growth Rate: 13.60%
Median Weekly Rent: $135
Median Monthly Loan Repayment: $617
Median Household Weekly Income: $684
Local Schools: Westfield Primary School, Grovelands Primary School,Kelmscott Snr High School, John Wollaston Anglican Community School, Kindaimanna Pre-School
Shops: Kelmscott Plaza, Westfield S/C
Train Stations: Kelmscott train station
Bus Services: Bus station at Kelmscott train station and local bus serviceArmadale has had great CG of late, there was a good API story about two Perth brothers some time back who were investing there..Too far inland for me but thats just personal preference.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHello Avranjes
I too like Armadale and have been looking at it more closely recently. Like anywhere though it does depend on the particualr property and the deal. Geven the general state of the market in WA i.e. still moving strongly where other states have a different momentum, Armadale is as good a place as any.
Dale
You may want to contact Council & various government departments as I know they are pumping money into this area, always a good sign. I have heard of many projects, but I have not specifically researched this area.
One project I know of is expansion of Armadale-Kelmscott Hospital I believe to 300 bed.
Hegney valuers have stated that this will drive property values up.If you can purchase house with potential to develop will be great, I believe hard to come by, probably have to pay too much anyway.
Good luck
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