Thoughts on Mullaloo and Perth's Northern Coastal Suburbs?

I was talking to a friend about Mullaloo last week and it got me wondering on what peoples' thoughts were on the suburb as a buy-and-hold investment (i.e capital growth and yield outlook) or a duplex development location (to hold). It isn’t an area I know well but I do know a few people who LOVE living there. I will add some stats to this thread as I come across them but very keen to hear people’s thoughts.

As I see it the pros and cons are (again, this is my very uninformed view atm):

PROS :

• Proximity to a (very nice) beach – this is surely the single biggest drawcard;
  
• Proximity to Joondalup City Centre (5km) – amenities and jobs;
  
• Proximity to Whitfors City Shopping Centre – as above;
  
• Future marina development planned for Ocean Reef;
  
• Possible ocean views from some second story development;
  
• Plenty of nice houses make this an attractive and ‘aspirational’ suburb;
  
• Limited future supply immediate vicinity (no major landholdings to be developed, though possibly supply from duplex/triplex on the other side of marmion);
  
• Not tooooo far from the CBD compared to Perth Metro (25-27km);
  
• Did I mention the beach???

CONS

• Further from the CBD than I would ideally like (+15km) - 1hr+ commute / 1.5hr by public transport?;
  
• Joondalup ‘City Centre’ is dullsville (feel free to disagree with me!);
  
• Further from the train station than I would like (3.5-7km);
  
• A lot of houses are not actually walking distance to the beach (due in part to the ridiculous road layout);

Definitely some potential there if you can buy at the right price, though I’m not convinced what the trigger for ‘above average’ capital growth would be? Maybe proximity to Joondalup as ‘the second CBD’ and the Ocean Reef Marina development, combined with a beachside location and limited supply?


Thoughts?

 

Its a decent spot. When it was first released way back yonder it was relatively cheap so you have a mix of working and middle to upper middle class.

If you can find a sub-dividable block it could be a medium to long term winner.

 

The issue I see is, why would the properties there have more growth than properties in any other given area? The answer can't just be "because its better", because that would be factored into the pricing already.

I think you really need to be doing price point comparisons with other areas and suburbs nearby, and look for the potential growth that way.

 

Cheers @thatbum . Do you mean other areas locally that may not have already appreciated in price so much (Kallaroo etc)?

To be honest, other suburbs in the area (Kallaroo, Padbury, Craigie, Kingsley, Edgewater, Kingsley, Greenwood, Warwick,
Hamersley) are more on my radar given the more favourable price range (though to be fair apart from Kallaroo they are a different kettle of fish as I wouldn’t call them ‘beachside’). Even with these suburbs I do wonder what the unique driver is that will make them grow more than other suburbs. If anything the Ocean Reef Marina is a major project that could spur capital growth, but only to the northernmost of the suburbs mentioned. It all depends on whether as an investor you are looking fore decent growth (slightly above average) on the basis that ‘good areas experience good growth’ or you are after exceptional growth (well above average) on the basis by locating wildly undervalued suburbs that have a number of major growth drivers). I’m not convinced that these suburbs fit into the latter category, but I’m also not convinced that I know any other areas that will either!

 

Does anyone know what the schools are like in these catchment areas (Kallaroo, Padbury, Craigie, Kingsley, Edgewater, Kingsley, Greenwood, Warwick, Hamersley)? Any to specifically target and/or avoid?

 

Guys any recent updates/thoughts on Craigie, Padbury and Heathridge?
I somehow feel that these suburbs have great potential for CG as you cant create new coastline and these suburbs are not too far from the city and close to beaches.

 

Capital growth depends on someone in the future having access to credit to pay you more for the property than you paid for it.
Is CF on property enough for it to pay it's own way?

It has poor access to the beach.
A long commute to the city.
Train station almost too fair to ride a bike (up to 7km) so need to drive.
Joondalup ‘City Centre’ is dullsville.

I am not seeing a lot of pluses

In 10 or 20 years what will have changed to make it more desirable? Those 4 conditions will still be there. Well maybe dullsville has improved

 

Which suburb are you referring too?
The ones @radioactive listed are all 5 kms from the beach.

 

For me not a lot of pluses there. None will change with time passing.
3 hours a day total commuting. Shudder
As long as it's only a kabab walk home from pub
I guess driving to train station is life. Walking or a short bike ride better.
No point living near the beach if it's not an easy walk. Once your in your car what is another 5 or 10 minutes driving.
Ymmv

 

I had a chat with property agent in Craigie and according to her the property arent really CF positive. I see a good number of new HL packages being developed in the Craigie area recently.
By the way,all the suburbs i mentioned are quite close to beach and have good access to the city.

 

I wonder what @Westminster has to say on these suburbs.
I am also looking at this renovated property right in front of craigie plaza which has all the facilities and bus stop outside the house.

90 Eddystone Avenue Craigie WA 6025 - House for Sale #128716886 - realestate.com.au

 

Secondary School?

 

Here's the Link.
Western Australia Secondary School Local Intake Area Map

 

I feel like they already had their growth around 2013/2013 when people clued on about rezoning and also the fact that it wasn't really that far out considering Alkimos was becoming a thing.

I like Sorrento for a little bit more, but can still get houses in the $600's.

I watched this one get advertised from $669k, sold for $580k. Better schools, better beaches, closer to the trains and buses and Hillarys entertainment area and south of Hepburn Ave.

Property Report for 17b Pearl Street, Sorrento WA 6020

41 Albacore Drive, Sorrento, WA 6020

 

I used to live on albacore. Amazing suburb (Im bias) but can't see anything half decent selling for under 700k if its got a bit of land component. Spose it depends on OP's budget

 

What are your thoughts on below?

36 Nautical Grove, Beldon WA 6027 - House For Sale | Domain

At present the floor plan and size isn't ideal but has potential for development/extension/renovation down the track. Ocean views and on semi decent sized block close to bus stop, marmion ave, on a quiet street with primary school and park down the road, and close to woolies and beach. Am i missing something?

 

That house would literally be typical of Beldon, I remember it well. I got married in 1987, and we came close to building one just like it. Nasty, tiny, cramped 3x1. Cheap when it was built, and now 30 years old.
NB: That photo that purports to show ocean views is extremely misleading, and wasn't even taken from that property!

 

You might get that view if you stand on the roof. And jump.

 

I guess its a two-storey house and ocean can be seen from 2nd floor?

 

The bedrooms being off the main living area was a big red flag imo