MEADOW Springs is Australia’s sixth-best performing real estate market for growth in the past 25 years, according to a significant new report by CoreLogic.
The report, 25 Years of Housing Trends, revealed the Mandurah suburb had climbed 1221.4 per cent over the period, or a 10.9 per cent per annum growth.
In 1993, the median property price in Meadow Springs was $28,000 and it is now $370,000.
Raine & Horne Mandurah sales representative Rodney Cunningham said suburbs such as Meadow Springs had benefited from the region’s increasing status as a Perth commuter belt.
“In 1993 we didn’t have the Kwinana Freeway direct to Perth or the Mandurah rail line,” Mr Cunningham said.
“There were many more roads and suburbs to negotiate when getting to Perth, and now the train or freeway can get Mandurah residents to jobs and other facilities in Perth in about 45 minutes.”
Mr Cunningham said Mirvac’s efforts with several developments included excellent parks and other family-friendly facilities appealed to residents with young families as well as retirees.
“While Meadow Springs has enjoyed excellent growth over the last 25 years, it is still affordable, and this factor continues to appeal to young families and Perth downsizers,” he said.
Raine & Horne Mandurah director Peter Vetten said the region’s affordability would continue to drive real estate values long-term.
“There are a lot of new three-bedroom, two-bathroom homes in Mandurah that are popular with downsizing retirees,” he said.
“Moreover, these properties are priced in the low-$300,000s, which is an attractive price point for retirees downsizing from Perth.
“For people to retire in Mandurah, you’re just one hour away from your family in Perth; take the train, and this removes the aggravation of driving, which is another popular benefit for those retirees who shift to Mandurah.
“Mandurah is without a doubt the future Florida of Western Australia, and it’s the combination of excellent retail, lifestyle and improving healthcare facilities that will continue to drive demand and property values in suburbs such as Meadow Springs.”
The report revealed property values across Australia had climbed 1496 per cent over the past 25 years, leaving long-term homeowners with a glut of home equity.
“Real estate values across Australia are driven by lower interest rates and unemployment, increased infrastructure investment, along with a shortage of new properties and growing demand,” Raine & Horne executive chairman Angus Raine said.