Scarborough has rapidly become one of the most sought after suburbs for buyers and renters when it comes to Perth real estate. With a $100 million redevelopment currently in the works for the Scarborough Beach foreshore and surrounds, the area has been reinvigorated – a change that property prices will soon reflect. While Scarborough was not always the first choice when it came to coastal living in Perth, it is now becoming a firm contender and a tourist hotspot.
So, what does the redevelopment mean for those thinking about investing or buying in Scarborough – and for those who already own property in the area? Well, the data shows that it is the perfect time to invest in Scarborough; while changes to the suburb are underway and prices haven’t yet shot up to the extent of similar beachside areas. Apartments in particular are on the agenda in Scarborough, with ocean views and affordability at the top of the list. A recent review showed that apartments and units were the most popular dwelling purchases in Scarborough over the past five years, as West Australians embrace apartment living.
For those who already own real estate in Scarborough; congratulations! We are likely to see significant increased capital growth over the next five to ten years in the area, and depending on the type of dwelling you own, it’s possible that your property could be incorporated into high value new developments or complexes. There will be plenty of draw cards for potential renters or buyers to the area when the foreshore redevelopment is complete.
The redevelopment will include a huge waterfront swimming pool, a new shopping hub, brand new cafes and restaurants, a beach hub, skate park, and extensive opportunities for interested developers. There will also be a new sloping hill – Sunset Hill – constructed for water views and effect. Apartment buildings, townhouses and other new complexes are also on the horizon, with developers calling out for investors and buyers in the area.
The Scarborough Beach foreshore redevelopment is proof that Perth is still a growth city, with the potential for major economic boosts and new invigorated local and tourist hotspots. The changes, which will be complete within the next few years, will have an extremely positive impact on the Perth property market, particularly within Scarborough and surrounding areas.
If you have been looking at houses for sale in Scarborough and are thinking about investing, now is a great time to get your ducks in a row. Or, if you already own property in the area and are wondering when the right time is to rent it out or resell, the redevelopment is the perfect chance to make big decisions. Get in touch with the experienced team at ACTON North to discuss your property needs today.