East Perth release
THE first mixed-use lots at Royal Street in East Perth will be released to the market by tender in September. The lots are located within East Perth’s Foundry development. The first seven lots, part of a staged release, average 313 square metres.
According to East Perth Redevelopment Authority CEO Tony Morgan, the lots offer retail opportunities with flexibility of residences on the upper levels.
“Mixed-use commercial and residential lots are a popular feature of East Perth, and together with the central Royal Street location we anticipate that these lots will be well-received,” Mr Morgan said.
Survey shows growth
THE strong returns from Perth residential real estate has been underlined by the latest survey by the Real Estate Institute of Australia.
The residential property index shows annual returns from investment in a Perth three-bedroom home from March 1982 to March 2000 was 14.6 per cent – one of the higher rates in Australia.
The investment index includes growth in capital values together with percentage returns derived from net rental income.
Investment returns for flats and units were also strong in Perth with the index showing an annual rise of 13.7 per cent from December 1987 to March 2000.
Warning for buyers
PEOPLE considering buying a property “off the plan” should exercise caution, Hegney Property Valuations managing director Gavin Hegney said.
“Understanding the true value of the property you are planning to buy is paramount when considering such a property investment.
“What you believe you are buying and what you actually receive when the development is finished can have an important influence on the eventual value of the property.”
He believes simple things such as the size of a balcony or the privacy aspects can have a major impact on the value of the property.
