Our population in Perth is forecast to hit 3.5 million people by the year 2050. That’s a lot of roofs over a lot of heads! And the ‘urban sprawl’ simply can’t continue to span outward forever. The cost of continually developing more communities on the fringes of our society is too high for our Government to sustain. Not to mention the toll it takes on our natural environment. As a result the Government is pushing for higher density living to combat housing affordability and infrastructure demands. This new generation of ‘compact’ style living has opened up Infill opportunities closer to the CBD, literally in the backyard of older properties in established suburbs.
WHAT IS INFILL?
Infill is the re-dedication of land in an urban environment, to new construction. For example when a single house on a large block in Bayswater is demolished to make way for 4 new smaller houses.
Here’s the top 5 reasons why you should not overlook the purchase of an infill property over a new property on the fringe of the suburban sprawl.
- GREENER. Infill properties make use of existing developed land rather than infringing on our natural environment. They also reduce vehicle traffic as they are closer to public transport, and often walking or cycling distance from the workplace.
- DEVELOPMENT PROCESS. Infill properties make use of existing infrastructure so there’s no need to wait for the (costly) establishment of new community services.
- PRICE POINT. A smaller house on a smaller slice of property makes desirable suburbs closer to the city affordable to a wider range of developers, buyers, and tenants.
- MARKET COMPETITION. Houses on huge land developments all compete for the same pool of tenants when they go to market, which drives the price down. A smaller development of 3 units will be quicker and easier to fill.
- LOCATION. A more desirable suburb means higher capital growth. Reduced travel time and instant access to established amenities, infrastructure and services will appeal to a wider range of prospective buyers and tenants.
See what a modern Infill property looks like here.
For advice on the latest Infill hot spots, chat to PEB Group today.
*This article is for general information purposes only. It is not intended as financial or investment advice and should not be construed or relied on as such. Before making any commitment of a financial nature you should seek advice from a qualified and registered financial or investment adviser.
PEB Group is a complete property advisory service for Perth families. Offices are located in Inglewood and Willetton, Perth, Western Australia and offer service in - Financial Planning · Finance Broking · Property Management · Property Sales · Property Investment · Development
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