An influx of new property projects has put Subiaco back on the map.
The city has quickly risen up the ranks as one of the state’s most attractive inner-city areas, as developers and investors alike seek to ride the wave of renewed interest in one of Perth’s oldest suburbs.
Likely sparking the uptick in appeal is the redevelopment of Subiaco Oval and the state government’s $71 million new secondary school Bob Hawke College, now under construction.
The suburb’s improved property activity could be another driver, with the median sales price for houses in Subiaco 2.6 times the national average, according to CoreLogic, with the average rental yield for apartments in the area 4.5 per cent.
Blackburne founder and managing director Paul Blackburne said the combination of government and private investment had helped restore confidence in the investor market looking for long-term gains.
The property magnate says the proof is in the numbers, with Blackburne’s latest project ONE Subiaco, a $270 million mixed-use apartment development already receiving significant interest.
“Investors have been fairly quiet over the past few years when it comes to Perth’s property market, especially apartments - but that’s not to say they haven’t been sleeping with one eye open,” Mr Blackburne said.
“Even though ONE Subiaco is geared toward owner-occupiers, we’ve received significant presale interest as sophisticated investors make a move on the opportunity to not only buy at the bottom of the market, but at the beginning of what will be Subiaco’s biggest revitalisation undertaking in the city’s history.”
Located on the corner of Roberts and Rokeby Road, One Subiaco will comprise three buildings featuring a range of one to four-bedroom plus apartments with expressions of interest now open.
The development will also provide residents with a range of resort style amenities, including a heated swimming pool, expansive private deck, urban orchard and outdoor kitchen.
Mr Blackburne said ONE Subiaco had already secured about $100 million in presales from off-market sales.
“Savvy investors understand that by the time ONE Subiaco is complete, it will be positively geared as property values are likely to increase during construction, due to the forecasted demand that will come from the area’s new amenities, such as the new school,” Mr Blackburne said.
“Perth’s trains will run every seven or so minutes from Subiaco station as a result of the government’s new Forrestfield-Airport link. Not only will this increase Subiaco’s livability with shorter commute times, but could also draw tourist dollars for accomodation or day trips.”
According to the latest edition of the Property Council’s Office Market Report, Perth’s is on the road to recovery, recording the fifth consecutive reporting period of decreasing office vacancies across the city.
“It won’t be long until those positive trends start to trickle out into the city fringes like West Perth and Subiaco, which is already home to some large corporate tenants including Network Ten, BDO and several radio stations,” Mr Blackburne said.
“The additional amenities One Subiaco plans to inject into the area will provide another drawcard as a new town centre, with the ground floor including a mix of restaurants, bars, pop-up artisan markets and large open spaces for community activations and gatherings.”
Mr Blackburne said aside from the momentous developments to come, the biggest selling point of Subiaco was its location.
“Given its proximity to the CBD, Kings Park and educational and health institutions, OneSubiaco will appeal to a range of demographics; young professionals, single couples, families and downgraders,” Mr Blacburne said.
“Our development is waking up investors; OneSubiaco offers outstanding capital growth and rental yield potential but above all, it’s rare to find a prime inner-city location that can offer a full suite of amenities as well as a community feel.”
Visit Blackburne's One Subiaco display suite daily from 11am to 3pm at 24 Rokeby Road, Subiaco.
For more information and full apartment specifications visit: onesubiaco.com.au
