Did you know: the City of Joondalup has one of the hottest suburbs in the state right now – Heathridge.

Currently Heathridge properties are selling faster than almost all other metro suburbs, second only to Shenton Park and Leederville. Properties in the suburb are currently on the market for 40 days before selling.

If you are thinking about buying in the area, email leandro@elementfinance.com.au first for your insiders report.

This article originally published here.

The State Government has again pledged its commitment to the exciting and visionary Ocean Reef Marina project, agreeing to sign a new joint Memorandum of Understanding with the City of Joondalup.

Joondalup Mayor Troy Pickard was told of the news on Friday (20 May) during a visit to the marina site with local members Ocean Reef MLA Albert Jacob and Joondalup MLA Jan Norberger.

The MOU announcement coincided with news that the State Government has also allocated $500,000 to the project as part of its 2016-17 Budget.

The MOU is a formal agreement that acknowledges a strategic alliance and the shared commitment of the City and the State Government as joint landowners of the site in bringing the Ocean Reef Marina project to fruition.

Joondalup Mayor Troy Pickard said the MOU was a vital step in a long process as the City could not deliver a project of this size and complexity on its own.

“This document will set out the roles of the City and the State Government and how we will work together to resolve ongoing issues, recognising that a collaborative approach is needed to develop the marina,” he said.

The Mayor said the extra funding would enable the City to continue the planning phase of this complex and multi-faceted project.

The City is currently progressing the environmental and planning approvals for the Ocean Reef Marina via an amendment to the Metropolitan Region Scheme (MRS) boundary and a Public Environmental Review of the marine based components.

Mayor Pickard said the State Government’s financial contribution would enable the City to complete the outstanding tasks required for these processes, as well as finalise the Ocean Reef Marina Structure Plan.

“It will also allow the City to undertake any additional environmental work as required by the relevant agencies, respond to submissions arising from the public advertising of the PER, MRS Amendment and Structure Plan, and continue our extensive liaison with key stakeholders,” he said.

“The City has been custodian of the Ocean Reef Marina and championed this project for a considerable amount of time and committed significant resources.

“The environmental and planning approvals process currently underway is complex and challenging, with some 35 different environmental and planning studies or investigations being undertaken in recent times.

“This considerable body of work represents a financial investment of approximately $2.6 million, and whilst there is still some way to go, the funding from the State Government is timely.

“It is anticipated that the MRS Amendment, the PER and the Structure Plan will be advertised for public comment in the latter half of 2016, subject to agreement by the relevant State Government approval agencies.”

In October 2015 the City requested the State Government to take over as proponent of the project, mindful that it does not have the capacity and resources to build the Ocean Reef Marina on its own and would need the State Government or a public/private partnership to develop the facility.

“The City is preparing a structure plan in collaboration with the Department of Planning in its pursuit to obtain the necessary planning approvals that would ensure the desired urban outcomes of the Ocean Reef Marina concept plan,” Mayor Pickard said.

“Moving forward the City aims to work with the State Government to determine how the project is best progressed to construction stage.

“As land owners, the City would still like to be actively involved in the decision making process and work collaboratively with all stakeholders to produce an approved, financially viable, and publicly supported project that is delivered in accordance with community expectations.

“I can assure all of our residents and ratepayers that the City remains extremely determined to see the Ocean Reef Marina come to fruition.”

The Ocean Reef Marina project includes approximately 750 boat pens/stackers, boat ramps and boat trailer parking, hotel/short stay accommodation, residential apartments and single lots, food and beverage outlets, retail and service commercial, public open space and community amenities, an Internal beach, sea sports club and sea rescue facilities.

FAST FACTS

2016 – City receives funding from State Government in 2016-17 Budget to continue approval processes. State Government agrees to sign another Memorandum of Understanding with the City.

2015 – City calls on State Government to become the proponent of Ocean Reef Marina project.

2014 – Initiation of the Metropolitan Region Scheme boundary amendment by the Western Australian Planning Commission.

Environmental Protection Authority determined to assess the marine based components (under section 38 of the Environmental Protection Act 1986) via a Public Environmental Review.

2013 – Submission to the Western Australian Planning Commission of a request to amend the Metropolitan Region Scheme boundary.

2012- Signing of the Ocean Reef Marina Memorandum of Understanding with the State Government.

2011 – An amended concept plan was endorsed by Council as the basis for the preparation of the Local Structure Plan for the development.

2009 – Concept plan seven endorsed by Council for community consultation. Received 95.6% support from the almost 12,000 respondents who made submissions.

2007- Ocean Reef Marina Committee, Government Steering Committee and Community Reference Group established.

This article was originally published here and although a couple of years old, most information is still valid.

Northern Perth’s Joondalup region is adjusting to the moderating market of the city.

The northern beaches Joondalup region includes Burns Beach, Edgewater, Joondalup, Connolly, Heathridge, Kinross, Currambine, Iluka and Ocean Reef. The suburb of Joondalup itself acts as a hub to Perth’s outer northern suburbs.

The push to establish Joondalup as an urban centre extends back to 1970, with the Corridor Plan for Perth. A number of retail and transport infrastructure initiatives have been implemented around the area in the past 40 years to facilitate urban development and direct activity to Joondalup. Joondalup was highlighted in the West Australian state government’s Directions 2031 strategy as one of two primary centres in the Perth metropolitan area, along with Rockingham.

The area’s CBD has a strong retail focus and has seen considerable residential development in recent years, with a relatively high density of townhouses and apartments. With the presence of Edith Cowan University, a healthy retail and entertainment district, established parks and in close proximity to the beach and Lake Joondalup, the area has attracted demand from the middle class lifestyle market.

The greater region of Joondalup had a median house price of $588,750 in March, while units in the area sold for a median price of $415,000. A two bedroom Joondalup apartment in the block pictured below sold for $408,000 in February.

According to Australian Property Monitors senior economist Andrew Wilson, Joondalup’s appeal to middle income earners has lent the area some resilience against the changes seen in Perth’s market.

“Joondalup is in the middle price range area,” said Wilson.

“There’s a bit of a lifestyle market there. With all the new developments that have been established in that area, we’re seeing middle price bracket, executive type buyers.

“Because of that nature of the market, it tends to be quite resilient. The big picture is that Perth is moderating. The latest data shows that Perth’s market has plateaued.

“We’re seeing quite a significant upward shift in unemployment in Perth, which has moderated lately.”

According to data from the Real Estate Institute of Western Australia, listings in Joondalup and the neighbouring Wanneroo jumped earlier this year, up 28% in the March quarter from December.

Despite Joondalup’s relative strength, its property market must still deal with exposure to Perth’s labour market, said Wilson.

“The Perth labour market has seen some difficulties with absorbing eastern state migration, which saw rents get pushed up quite sharply in some suburbs of Perth. Perth prices rose 10% last year, and with rising unemployment, we’re starting to see some affordability issues.

“And the lifestyle market can certainly be affected by job security and affordability issues. But as the economy does pick up and absorb that unemployment, incomes will grow.”

The slowing mining sector in Western Australia has seen a shift in focus for the region, with the city of Joondalup launching new initiatives to market the region as Perth’s “knowledge capital”. How well the region responds to the state’s shifting economy remains to be seen, but strong infrastructure investment in the area in the past and extending into the future ensures that it will remain a significant urban centre for Perth’s northern corridor.

Photo courtesy of Wikipedia/Creative Commons.

If you are considering buying an investment property in the Joondalup area, research should be very important to you. We have a lot of home loan and property tools available for our clients looking for their next property purchase. Some of these tools are not available to the general public. Just one small way mortgage brokers beat bank branches for investors 100% of the time.

There is still also some great data readily available to everyone via REIWA and the property websites, like the link below. Keep in touch with Element Finance Joondalup via our Facebook page where we will release some of our private tools soon.

http://www.realestate.com.au/invest/house-in-joondalup,+wa+6027

After a long wait the residents of Girrawheen, Koondoola and Wanneroo have finally had their rezoning formally approved and can now start submissions for subdivision STCA (Subject to Council Approval). Quinns Rocks, Yanchep & Two Rocks are currently still in the consultation stage.

You can find more information on the City of Wanneroo website or by calling your Element Finance Joondalup home loan expert.

http://www.wanneroo.wa.gov.au/info/20017/planning_and_building/50/residential_recoding

 


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