The suburb is also Australia’s sixth-best performing real estate market for growth since 1993, noted the report.
The report titled 25 years of housing trends has been compiled by CoreLogic and reveals that property values across Australia have climbed up to 1,496% over the last 25 years, leaving long-term homeowners with a glut of home equity.
“Real estate values across Australia are driven by lower interest rates and unemployment, increased infrastructure investment, along with a shortage of new properties and growing demand,” says Angus Raine, Executive Chairman, Raine & Horne
“The population of Australia has increased by almost 40% since 1993[i], and these people need somewhere to live, and this demand is driving up values across the country.”
From $28,000 in Meadow Springs to $370,000 in 25 years
The CoreLogic report shows that in 1993, the median property price in Meadow Springs was $28,000 and it is now $370,000. This increase is equivalent to annual average growth of 10.9% over the past 25 years.
Rodney Cunningham, Sales Representative, Raine & Horne Mandurah, says that suburbs such as Meadows Springs have benefited from Mandurah’s increasing status as a Perth commuter belt.
“In 1993 we didn’t have the Kwinana Freeway direct to Perth or the Mandurah rail line,” said Mr Cunningham.
“There were many more roads and suburbs to negotiate when getting to Perth, and now the train or freeway can get Mandurah residents to jobs and other facilities in Perth in about 45 minutes.”
Moreover, developer Mirvac built several developments, which included excellent parks, and other family facilities aimed at residents with young families and retirees, said Mr Cunningham.
Mr Cunningham added, “While Meadow Springs has enjoyed excellent growth over the last 25 years, it is still affordable, and this factor continues to appeal to young families and Perth downsizers.”
Apart from excellent transport infrastructure, Meadow Springs is benefiting from the new Lakelands Shopping Centre, which is owned and operated by property trust, ISPT, as well as the $350 million on upgrading the Mandurah Forum. Mandurah Forum is co-owned by ISPT and Vicinity Centres.
Mandurah will be the Florida of WA
Peter Vetten, Director, Raine & Horne Mandurah, said that the southwestern regional city’s affordability would continue to drive real estate values long-term.
“There is a lot of new three-bedroom, two-bathroom homes in Mandurah that are popular with downsizing retirees. Moreover, these properties are priced in the low $300,000s, which is an attractive price point for retirees downsizing from Perth,” said Mr Vetten.
“For people to retire in Mandurah, you’re just 1 hour away from your family in Perth. Take the train, and this removes the aggravation of driving, which is another popular benefit for those retirees who shift to Mandurah.
“Mandurah is without a doubt the future Florida of Western Australia, and it’s the combination of excellent retail, lifestyle and improving healthcare facilities that will continue to drive demand and property values in suburbs such as Meadow Springs.”