LAND and house sales in Yanchep and Two Rocks are on the increase while a survey of developers shows they think the Yanchep rail line will offer less development opportunity than the proposed Ellenbrook extension.
Jarrod Rendell, who is the project director of Atlantis Beach estate in Two Rocks and Capricorn Beach estate in Yanchep said buyer inquiries for both estates had recorded a 50 per cent increase since the start of spring.
Mr Rendell said spring traditionally resulted in an upswing in property sales with properties historically selling faster in Perth during the spring months, especially in beachfront locations.
He said the surge in buyer inquiries would result in a jump in property sales over the coming months.
The Real Estate Institute of Western Australia said house sales were up in Yanchep and listings for sale are down.
In statistics prepared for Yanchep News Online the institute said house sales in Yanchep in the three months to August increased by 25.9 per cent compared with house sales in August last year.
During the same period house sales in Two Rocks increased by 8.3 per cent.
At the same time house listings in Yanchep were down by 11.3 per cent and 6.9 per cent in Two Rocks.
Meanwhile, a survey by the Property Council of Australia WA said a survey of its members to gain insight into the perceived benefits and challenges of the McGowan Government’s Metronet projects to the industry and the wider community showed most believed urban density would be the most significant benefit.
This was followed closely by economic development of the state.
Property Council WA executive director Lino Iacomella said Metronent was an opportunity to increase Perth’s housing diversity through the development of medium and high-density housing around transport hubs such as train stations.
Mr Rendell said Yanchep and Two Rocks had benefited from the announcement of major new infrastructure in the area such as the construction of the new $386 million rail line to Yanchep which was due to be completed by 2021.
“The recent opening of the $236 million freeway extension from Burns Beach Road in Joondalup to Hester Avenue in Clarkson is also starting to have a positive impact on the Two Rocks and Yanchep property markets as travel times to and from the area have been reduced by up to 10 minutes,’’ he said.
“Property buyers understand that new road and rail transport have a positive impact on property values in outer Perth suburbs and that is why more buyers are taking a strong interest in Yanchep and Two Rocks.
But Mr Iacomella said survey respondents believed Metronet’s north circle and south circle lines offered the most development opportunities.
Respondents also believed the biggest challenge for government when delivering Metronet was the flexibility and timeliness of local government planning, followed by value capture funding and funding more generally.
Mr Rendell said they were finding that property buyers were now doing extensive research before deciding to buy a lot and they were targeting the Yanchep and Two Rocks area because they understood the new infrastructure would have a positive impact on future property values.
“We have also seen an increase in enquiry from astute investors looking to secure an investment property before the property values rise on the back of improving demand and the completion this infrastructure,’’ he said.