Joondalup is a mixed residential and commercial suburb in Perth, located approximately 26 km north of the CBD. It is easily accessed via the Mitchell Freeway, one of the city’s main arterial roads which borders the western side of the suburb. From Joondalup it’s less than a 10 minute drive to Ocean Reef Boat Harbour and Mullaloo Beach, perfect for those who love the sea. Meanwhile, the eastern side of the suburb encompasses part of the Lake Joondalup Nature Reserve, which is one section of a vast parkland which encircles Lake Joondalup.
A thriving suburb, Joondalup has all of the services and amenities that residents could need. There are a range of public and private schools that cater for children from daycare to the end of high school. For tertiary or vocational education, students can attend the main campus of Edith Cowan University, the Fremantle Education Center or North Metropolitan TAFE Joodalup. For healthcare there is Joondalup Health Campus, one of the largest hospitals in the state that has public and private facilities. There’s also a range of specialist and GP clinics.
Shopping is a breeze due to the presence of multiple big chain stores and shopping precincts, as well as the expansive Lakeside Joondalup Shopping Centre. At HBF Arena residents will find most of the sports and leisure facilities you can think of including pools, tennis courts, a gym, hockey field and indoor courts. Just outside there are multiple sports clubs and the Joondalup Resort Golf Course is just on the other side of the freeway.
Luke and Julian each have over 20 years of property investment experience.
Taking a look at the Joondalup residential property market, there has been steady growth over the years in both the rental and buying prices. This indicates it’s a suburb that continues to attract people, although that’s not overly surprising given its status as one of the major hubs in Perth’ north. There’s also opportunities for commercial property ownership as a significant amount of land has been devoted to retail stores.
Australian census data reveals some interesting information about the key demographics that reside in Joondalup. Most households are families with children, or people just past that phase in life who are now empty nesters. A majority of residents still in the workforce are professionals and the weekly median income is higher than the state and national statistics. Despite this, the median house price remains relatively affordable which could provide opportunities for a savvy investor.
Most residential properties in Joondalup are separate houses with four or more bedrooms, which is perfect for families looking for a place to settle down. Block sizes vary from around 500 m² to 850 m² and most homes have a front and back yard. As an investor, the larger blocks could provide the opportunity to subdivide into two smaller blocks, then either sell the land or build smaller dwellings for rent or sale. There is an extremely limited number of apartments or flats that have been built within Joondalup. The upside of that is it has the potential to create competition among prospective tenants.
A critical step in the property investment process is researching the area and determining the economic feasibility, including the projected returns. This should include analysing past and present trends within the real estate industry on both a macro and micro level. If Joondalup piques your interest to the point where you’re looking at taking the next step, it would be wise to consult a knowledgeable real estate advocate who can guide you through the process.
At Search Party Property you’ll find experienced buyers agents who can help you develop strategies to maximise returns and grow your investment portfolio. This can include selecting properties that fit with your financial needs and goals, negotiating with sellers, and creating plans to effectively manage any unforeseen issues that may arise.
Having a reliable expert on your side can give you greater confidence in the decisions you’re making when taking the next big step in growing your real estate portfolio. Contact us to help you make the best choice for your future.