AFTER almost two decades of helping first-time buyers achieve the home ownership dream, an award-winning urban renewal project in Perth’s northern suburbs is complete.
Satterley Property Group and the Housing Department pioneered New North in 1998 and have helped revitalise existing homes and areas, transforming run-down suburbs into outstanding examples of desirable communities for families.
More than 2170 homes have been refurbished and sold and almost 300 vacant lots developed, with the project’s achievements recognised by 14 national awards.
Satterley chief executive Nigel Satterley said the project had altered the profile of suburbs including Balga, Girrawheen, Koondoola, Mirrabooka and Westminster.
“We’ve seen a dramatic change in property values and home ownership, and a growing sense of community,” he said.
“When we began this project, around 30 per cent of the housing stock was public housing rentals. That figure is now just under 10 per cent.
“Homes in these suburbs are now 90 per cent owned by the families living in them and with that comes a pride in ownership that attracts new families to the neighbourhood.
“Over the same period, we have seen home prices rise more than 400 per cent in these areas and they have become property hot spots for small developers and investors wanting to build three and four-villa developments.”
Mr Satterley said a big reduction in crime in these areas was also a key project benefit.
The last remaining home sites start from $305,000, with two and three-bedroom houses, duplexes and townhouses available in Balga, Girrawheen and Ballajura.
There are also 26 new turn-key homes priced from $340,000 and a further seven shared-equity, turn-key homes from $262,500 in Innaloo, Doubleview Nollamara, Lockridge and Balga.