Construction Of The New Perth Stadium Is Encouraging A Property Boon In The Inner-East, With Real Estate Agents Reporting Renewed Interest From Buyers And Prospective Investors.

Despite Perth’s slow housing market, agents say there has been a noticeable rise in the number of enquiries by people wanting to purchase properties near the Burswood stadium in anticipation of its 2018 scheduled opening.

“Burswood is just starting to bubble,” Blue Chip Real Estate director Leanne Edwards says.

“A lot of people have been looking to buy into the area because of the stadium but we do expect it is probably going to spike more towards the end of the year or early next year.

“We are hearing news that they are going to start hiring (staff) in a few months so we’re expecting that the interest will get better as we get closer to its completion.”

The 60,000 seat stadium has been promised in time for the start of the 2018 AFL season, but the Perth Ashes Test on December 14 has been flagged as a possibility as its first event.

Perth Stadium, a multi-purpose venue designed to host AFL, rugby, soccer, cricket and entertainment events, is on the doorstep of key landmarks including Crown Perth, the Swan River and Victoria Park café and retail strip.

Derek Baston, from Baston & Co Property in Victoria Park, says there is a general reluctance among home owners to sell until the full flow-on benefits of the new stadium are realised.

“People are holding assets with the belief that the value is there now because the stadium has been built.

“There’s definitely a mentality that if you are going to sell you wouldn’t sell until that extra foot traffic hits in 2018.

“There is a general belief that when we have foot traffic before and after games up and down our (Albany Highway) strip, that Perth is going to discover the south-east entry to the city again.

“It’s no different to what happened to Subiaco. Subiaco was the Vic Park of the west, it was a run-down, inner-city suburb as was Vic Park… Vic Park now represents the best value and best lifestyle close to the CBD and the stadium will be the icing on the cake,” Baston says.

Kris McArthur, from McArthur Metro Real Estate in Lathlain, says buyers will gravitate to neighbouring suburbs once the stadium is in operation.

“It’s going to have a run-on effect because it will provide transport and more facilities.

“If anything, what will happen is more and more people will filter through the area. They’ll see it and will think ‘we’ve just got electricity and say, gosh it’s nice here’.”

“There’s a positive vibe… I think it’s all good, all development is good – and in these locations. If you went anywhere else in the world or even most of Australia, in this close proximity to Perth city, we are so undervalued it’s ridiculous. We are three to four kilometres to Perth city,” McArthur says.

Source: Realestate.com.au

http://www.realestate.com.au/news/perth-stadium-construction-generates-interest-in-inner-east/

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