Ocean air. There is nothing quite like it’s salty charms. Ask anyone from our humble city of Perth and you will get the same answer: what’s the best aspect of Perth living? The beaches – of course. Blessed with stretches of clear unadulterated perfection, bringing calm to our lives and values to our beachside properties. Rightly so, Perth is listed in the top 10 world’s most Iiveable cities for the second year running, and with an extended buyers’ market – should you be looking to buy on the coast?
Now we are all familiar with the charms of Cottesloe, City Beach and even Scarborough – there is a new champion coastal district flying under the radar. Ocean Reef. A new multimillion dollar property project will catapult this suburb to the top of the most wanted list – the Ocean Reef Marina.
The project – which falls within the city of Joondalup – will include 750 boat pens and stackers, 1000 apartments, hotel and sshort-stayaccommodation, shops, boardwalks, restaurants and an internal beach. All in addition to more than eight hectares of public open space. A $5 million-dollar budget has also been put aside for relocation of existing facilities.
While the project is still undergoing the final Public Environmental Review, the Western Australian premier recently announced a commitment of $120 million to get the project started. The funding commitment will allow forward works to commence, opening the door to future private sector investment expected to be worth more than $500 million.
The new marina construction is expected to kick off in 2020. The project has community backing and will bring a large influx of economic prosperity with the injection of jobs, cash and tourism into the local economy. A pledge to use only local contractors has helped secure the last of the local support.
Like other successful coastal development, the project is expected to fuel local property value. Further down the coast, The Hillary’s Marina has become a major social hub and attracts thousands of visitors each week. This has elevated the suburb of Hillary’s into a highly desirable place to own a home and seen the median house price rise to approximately $300,000 higher than Perth’s. We can expect to see the same with the Ocean Reef development.
Ocean Reef is already a thriving family-oriented community based around the thrill of the coastal lifestyle. There are plenty of local facilities including 5 schools, sports clubs and a new shopping centre under construction. Of course, it is the crystal-clear waters that have brought families to this area and will ensure that the new Ocean Reef Marina is a prime lifestyle location.
With properties in the area ready to surge in value with the project construction – available for under $600,000 – now is the time to buy. Call ACTON today to find out more on the Ocean Reef area and this investment or lifestyle opportunity.