Historically, people have purchased property in Perth with considerations in the following order: Closeness to: the beach or river, the CBD, activity centres and good state schools.

These are the four major factors that have been the foundation for prosperity for those smart or lucky enough to have invested in property in the suburbs that fit the criteria in the past.  
But what will the future residents of Perth value? How will it differ from the last 20 years? 

For me, I think we can already see it happening in the following areas:

1. Proximity to local parks

People have started to value the size of their backyard exponentially less over the last 15 years. The median land size for new blocks has dropped from 600sqm to in the 300s. This means that people aren’t as bothered both from a practicality and status point of view about maintaining a yard, but it doesn’t mean children haven’t stopped needing somewhere to play.  

2. Cosmopolitan Living

Young people today clearly value different things to their parents. Proximity to activities centres, café strips and bus routes is valued so much more now than land size. Why? Well because we now have café strips and activities centres and bus routes that are worth living near and utilising. And our need to be entertained outside in the yard has subsided by the advent of indoor technology.

Boutique apartments and villas or townhouses within walking distance of amenities are the modern answer to an inner-city lifestyle that people can afford and therefore demand. 

3. Proximity to shopping centres

For the first time in two generations, all of Perth’s major shopping centres are in the middle of an arms race to upgrade themselves from retail hubs to lifestyle destinations.

We’ve already seen the effect it has had in Claremont and the way the boutique apartments created nearby sold like hotcakes. Watch the same thing happen as the Karrinyup, Innaloo, Carousel, and Garden City shopping centres all start to change the lifestyle habits of residents.

4. Closeness to public transport nodes

In nearly every other developed city around the world, property is generally 20 per cent higher in value when it is within walking distance from a train or bus station. We are now starting to hit a critical mass in population where the government is finally able to start justifying the spend on something like MetroNet.  

And whilst this is a long-term, 20-year project, it is something that I believe will start to have a continually greater impact on property prices.

If you’re in it for the longer term, studying the broader MetroNet plans and maps should put you in good stead. 

So, which suburbs have the potential to perform above average in Perth’s next upswing as the population grows through new projects and the building industry finds its feet again?

The suburbs that tick the boxes of water, CBD, entertainment, and schools are still your blue-chip buys and buying the most land or bedrooms in a suburb with as many of these factors as possible should always secure returns. 

But if you can’t afford the established winners, the following suburbs are those I would consider reflects the four new factors I have mentioned.

Warwick – A solid family suburb with a high percentage of parkland, its own shopping centre, and its own train station. Recent zoning changing is providing new dwelling products to the market that are being snapped up at a premium.

Bassendean – Perennial river play with an upgraded shopping hub and access to the new airport link spur line.

High Wycombe – A forgotten suburb with solid 1980s double-brick homes and recent rezoning, getting its own train station one stop away from the airport. Don’t be fooled, the Forrestfield train station is actually in High Wycombe.

Wilson – wedged in between the canning river, Curtin University and the upgraded CarouselShoppingg Centre. Good zoning opportunities are bringing in new higher-spec products to market.

Rivervale – Way undervalued for its proximity to the city. Is sitting in neutral waiting for the effects of the upgraded Great Eastern Highway, Belmont forum, Perth Stadium, and strong zoning to push it into Victoria Park territory.

Doubleview – The most expensive of the list. Will benefit from the upgraded Scarborough Beach Development and Innaloo & Karrinyup shopping centre upgrades.

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