While REIWA’s figures suggest growth in Victoria Park has been slow over the past year, the suburb still has a lot to recommend it as a strong investment area. 4km from Perth’s CBD, directly on a train line and close to the Crown Casino Complex, Curtin University and Perth Airport, this area is hugely popular with tenants from all walks of life.
Victoria Park’s demographic is predominantly made up of renters, as opposed to owner-occupiers, and with the housing stock comprising a wide range of properties, from apartments and townhouses to character homes, there is something for everyone here.
If you do your research and have the financial capacity, you could have your choice of strategy in Victoria Park. For investors with deep pockets and the appetite to accelerate their capital growth, there are still subdivisible properties available, offering options from simple grouped dwelling triplexes right up to multiple dwelling complexes. These scarce properties command high prices as Victoria Park has already been extensively developed and there are no current plans for rezoning in the area to expand the development potential.
Investors without the higher budget required to take on such a project may be more interested in purchasing an older home as a buy-and-hold investment where a cosmetic renovation could attract a higher rental return.
The suburb attracts a median rent higher than the overall Perth metropolitan area at $440 per week, and a careful investor could potentially achieve a decent rental yield while waiting for the location and desirability of the suburb to boost the value.
While Victoria Park’s recent growth appears poor according to REIWA’s figures, this is reflective of the Perth property market as a whole in recent months. Victoria Park may have softened slightly, but it has strong growth drivers behind it. In Perth’s real estate market, easy access to the CBD is possibly the most critical factor driving capital growth, and Victoria Park is in an excellent location for this. Combined with the café strip, access to schools, public transport and shops, and being located on the Swan River, Victoria Park has everything potential tenants prioritise.
If you’re willing to do the research, finding a property that ticks the right investment boxes and holding it as long as possible is a winning strategy in Victoria Park.
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