A LAND release in Yanchep has been one the most successful in the northern coastal strip this year with 64 per cent of all lots sold during the past four months, according to agent Richard Cull.
Mr Cull from Capricorn Beach estate said Seabreeze, which consisted of 31 lots was launched in April this year with only 11 still for sale.
He said the lots still for sale started from $239,000 with titles expected to be made available during September.
The Urban Development Institute of Australia’s Land Report published on September 2-3 said the average price of new land in the north western corridor was up 12.5 per cent for the June quarter to $251,000.
“Home to two significant growth areas in Wanneroo and Joondalup the corridor recorded a 21.4 per cent share of the Perth and Peel sales,’’ the report said.
“Lots under construction in this corridor are predicted to be significantly down for the next 12 months, with a 17 per cent reduction experienced in the June quarter and a 12 per cent year-on-year reduction.
“This reflects a reduction in supply by land developers to suit the slower market conditions.
“Wanneroo specifically continues to perform strongly, with 924 lot sales during the quarter.
“The north western corridor is expected to benefit from infrastructure investment in the coming years to 2020, with the new rail line from Butler to Yanchep predicted for completion with stations at Alkimos, Eglinton and Yanchep.’’
Mr Cull said the sales at Seabreeze had been outstanding compared with the overall residential land market in Perth which was experiencing subdued conditions.
“Demand for lots at the Seabreeze release has been very strong because it has given buyers the unique opportunity to buy some of the biggest sized building lots close to the ocean along the northern coastal corridor,’’ he said.
“The Seabreeze release is only 250m from the beachfront and the average size of each lot at 479sqm is around 100sqm larger than the average lot in the north west coastal corridor.
“There still several larger lots still for sale in the Seabreeze release that range in size from 630sqm to 713sqm.
“The announcement of improving infrastructure in Yanchep over the past few months has also spurred interest in the Seabreeze release.
“This new infrastructure includes the announcement that the Labor State Government plan to build a new railway station at Yanchep by 2021 under its Metronet plan.
“This rail link to Yanchep will significantly cut travelling time to major employment hubs in Joondalup and the Perth CBD (and) accelerate the development of the Yanchep area.
“In addition, site works began on a new $12 million neighbourhood centre at Capricorn Beach Estate three months ago which will be a major resource for the community when completed.’’