Western Australia’s property market is ripe for investment with expected upswing over the coming months, according to JLL Australia
A major landholding which offers the opportunity to establish a new coastal community in Western Australia has been launched to the international market by JLL.
Moore River South, a 2,103-hectare property at Wilbinga, just north of Perth, has been owned for more than 50 years by the Plunkett family, who are well known in Western Australia for their long involvement in the state’s housing and construction industry.
The property is brought to market by JLL’s Sean Flynn and Nigel Freshwater.
Full approvals are in place for a new owner to develop a master-planned project that includes housing for 5000 residents as well as retail, mixed business, tourism, community and public recreation components.
The site for sale is south of Moore River, a popular holiday destination, and has extensive frontage to both the river and Indian Ocean.
Mr Flynn said: “Moore River South is a prime investment opportunity offered to market at a time when investors can position themselves for the next property market upswing, taking full advantage of Western Australia’s improving property prices and economic conditions.”
“The state’s economy is predicted to bounce back over the next few years with further improvements to the labour market and increasing population growth.
“We believe this is the biggest coastal site approved for a master-planned development available in Australia right now.”
The Guilderton area is set to benefit from major state infrastructure projects to improve accessibility to the Perth CBD. Construction to extend both highway and railway links northwards from Perth are scheduled to commence in late 2019, due for completion in 2021.
Mr Freshwater said “The Perth metropolitan area continues to surge northwards. The new Prime Centre in Joondalup will house hundreds of government department staff - a big step forward in extending further commercial activity beyond the Perth CBD - and more major development for the outer northern suburbs city is in the pipeline.”
JLL’s Research Manager - WA Ronak Bhimjiani said the WA economy was poised to deliver gains for the residential sector, driven by further investment in resource projects and strong exports.
“Economic conditions ultimately underpin investment into WA,” Mr Bhimjiani said. “Wages growth in WA is now showing signs of a recovery, most likely as a result of the need to attract skilled migrants back into WA – especially in the mining sector. The other evident signs of a recovery can be seen in population growth figures, which indicate a recovery phase.
“Looking at WA’s property market in 2019, it’s clear that activity is beginning to pick up again as prospective buyers begin to gain confidence about future economic conditions.
“It is crucial to recognise that WA’s housing market typically bounces back strongly after an economic downturn. Together with this, counter-cyclical investment opportunities exist in WA while prices in the Sydney property market continue to trend lower.”
The Moore River South property has a 5.7km of ocean frontage and 1.9km river frontage. The property is approximately 80km or about 1 hours’ drive north of Perth, being also just to the south of the idyllic coastal community of Guilderton.
The offers-to-purchase campaign commences on 1 May 2019 and closes on 26 June 2019 at 3pm (AWST).
The Plunkett Family have been a key pillar of the Western Australian building and development industry since 1903 when, just 2 years after Western Australia became a federated state of Australia, Thomas Scott Plunkett established Plunkett Homes with his son, Charles. In the late 1950’s the company passed to his grandson Tom Plunkett. Plunkett Homes was held in family ownership for over 100 years before being acquired in 2006 by JWH Group, itself founded by a former Plunkett employee. To this day, the home building company remains a highly reputable and trustworthy force in the residential housing industry in Western Australia.
The Family, now into its 6th generation in Australia, continues to be a well-regarded member of the Perth business community, and remains involved in commercial and industrial developments across Perth.
The Moore River South Property has been owned and managed by the Family since 1967 when Tom Plunkett took ownership. In addition to sheep and cattle grazing, The Family have worked with all stakeholders and invested in the long term vision for the future township of Moore River South. The Plunkett Family have invested significant time and effort into the project and approvals have been secured that will ensure that the area will become an important and thriving coastal community within the Shire of Gingin and greater Perth area.