Case Study: The Lakes Revitalisation Strategy and What It Could Mean for You
As Perth continues to expand, there are suburbs that are readily adapting for future planning goals. This provides potential buyers and existing home owners the chance to invest for the future or get their foot on the property ladder in a developing suburb.
In 2015, the City of Cockburn proposed the Lakes Revitalisation Strategy due to the significant age of the region and the need to make way for future planning schemes. In the first few public reviews, they found there was a corresponding appetite for change in South Lake and parts of North Lake and Bibra Lake.
Source: City of Cockburn
With its gathered findings, the council created the Strategy with the aim to guide the delivery of residential development across the Lakes’ suburban area. The implementation of all changes is scheduled to conclude in 2018.
According to the City of Cockburn, the outcomes of the Strategy hope to provide opportunities for housing growth, upgrade pedestrian-friendly services and infrastructure, allow for a variety of housing types and design to encourage flexibility and affordability, and preserve the natural environment in the Lakes region.
As a potential buyer, investor or existing home owner, this provides you with a unique opportunity. In a previous blog post, we spoke about the importance of location when investing, and the effects future developments can have on the price value of property. This is perhaps one such area.
R zoning changes mean opportunity for housing growth
Changes in zoning may provide investors, developers, and home owners with the chance to develop town houses, villas, grouped dwellings, and apartments in particular areas. Not only will this help to revitalise the region, but it will also provide improved housing opportunities for those wanting to invest for the future or get into the property market. It also diversifies the type of houses available in the area; for example, the elderly population in South Lake will have the option to downsize from the average 3 to 4 bedroom homes, without leaving the suburb altogether.
A focus on making the area more pedestrian friendly, and protecting natural park and bushland
The lakes, parks and natural bushland within the Lake’s region are incredibly popular with the locals. The open public spaces and walkable nature of the suburb’s layout are greatly appreciated by those living in the area and appeal to many visitors. By introducing more community centred areas, while promoting and protecting the native flora and fauna, stronger feelings of safety and security can flourish, along with the continued appreciation of the natural environment.
Improvement of infrastructure, accessibility, and public transport
Living in or owning property within the vicinity of Cockburn Central, a continuously evolving area, offers a greater appeal to potential renters and investors. The focus on improving the quality and accessibility of parks, public spaces, and community facilities offer a distinct appeal to families. Furthermore, the focus on developing a sustainable system of public transport between the Lakes’ areas can improve road safety, ease congestion, and promote pedestrian access.
As South Lake locals, we understand the importance of what these changes could mean for the local community.
At Select, we offer no-obligation, quality, and free advice to help you reach your financial goals. If you are interested in investing in the Lakes’ region, considering subdivision when the zoning changes are implemented or are wanting to get your foot on the property ladder, we can provide you with information about a loan that is right for you. Call us on (08) 9417 3399 to organise an appointment with one of our friendly brokers.
Source:
City of Cockburn. (2016). The Lakes Revitalisation Strategy. Retrieved from: http://www.cockburn.wa.gov.au/documents/CouncilServices/CityDevlpmt/PROJECTS/Adopted-amended-FINALThe-Lakes-Strategy-2016-13.06.16.pd
Image source: http://lancelocksmithsperth.com.au/locations/cockburn/bibra-lake/