PERTH’S rapidly developing north eastern corridor has been officially recognised, with new industry research revealing Australia’s fastest growing suburb is the Swan Valley’s Aveley.
Nationwide research by industry analysts Australian Property Monitors showed Aveley has recorded 32 per cent capital growth over the last five years.
The only residential development currently under way at Aveley is Brookfield Residential Properties’ Vale masterplanned community, which has achieved over 1,200 sales since being launched in 2007.
This year Brookfield’s Vale won awards for development excellence from property industry bodies Urban Development Institute of Australia and Urban Taskforce and also delivered Australia’s first 9-star carbon neutral display home in May.
Brookfield Residential Properties director of sales and marketing Phil Leahy said the driving forces behind the capital growth at Aveley were the amenity and infrastructure on the ground at Vale.
“In Vale itself nearly 30 per cent of the actual land is dedicated to open space and amenity, so I think people recognise that they’ve not only got a backyard, but they’ve got a huge front yard as well they can engage with,” Mr Leahy told WA Business News.
“The other thing for that particular project, and it goes towards the true essence of a masterplanned community, is that there are two town centres planned for Vale, and that really means that centrally the amenity and the retail element is all housed within the project.
“It’s self contained, people don’t need to head into the city, and they will have everything on their doorstep, and I think that represents true value as well.”
The success of Vale, Mr Leahy said, has led it to become a model Brookfield uses internally when planning its masterplanned developments.
“We’ve spent a lot of time in urban planning and how a project is actually laid out, with sustainability elements, and I think people recognise that now,” he said.
“The investment in integrated planning at Vale is part of a broader multi-jurisdictional approach Australia-wide.
“Brookfield has a massive book of projects all over the world, and when we hold up our kingpin of best practise, it’s Vale that we hold up.”
The research focused on growth trends and rental yields in suburbs with a median value similar to the nearest major city, Australian Property Monitors head of research Yvonne Chan said.
“We looked across Australia to determine which suburbs are returning strongly for investors,” Ms Chan said.
“The evidence shows there are significant growth opportunities across the country for affordable housing, with Aveley the clear leader.”
