Wellard proves itself a property winner in WA

Wellard, with its median price of $441,000 and median rent of $480, was considered by Smart Property Investment’s panel of experts to have plenty of investment potential still left in it, despite its achievement of 7.30 per cent capital growth over the past 12 months, and its achievement of gross rental yields of 5.70 per cent.

Wellard benefits from its proximity to Perth’s central business district — just 30 kilometres south of the West Australian capital. It’s not the only suburb in the City of Kwinana to garner the accolade of an inclusion in the Fast 50 ranking — Bertram and Orelia also both made the cut.

It’s also only a stone’s throw from another popular investor hotspot, Rockingham, which itself has achieved value growth of 9.8 per cent over the past 12 months, and cemented its own spot in the Fast 50 2024 report.

Wellard’s proximity to the major freeway servicing Perth’s south has seen thousands of residents flock to the area over the past decade, trebling the population since 2011. According to the latest census data (2021), nearly 15,000 people now call the suburb home — up from the 3,200 who said the same back in 2011.

As reported within the Fast 50 2024 report, much of Wellard’s recent popularity lies within its status as Perth’s first transit-oriented development on the Perth to Mandurah rail line.

The suburb lies just 30 minutes from Perth CBD — and even closer to Mandurah (20 minutes), with the City of Kwinana considered embedded within one of Western Australia’s key economic zones, meaning the state is actively invested in the development, planning and activation of the suburb.

Speaking about Wellard’s inclusion in the Fast 50 2024, Smart Property Investment managing editor Phil Tarrant said the suburb has a lot going for it, namely its multicultural community and the development of a new shopping precinct, alongside new residential, commercial, retail and community facilities.

“Since the onset of COVID-19 — and even before — we’ve seen a mass exodus from the more expensive eastern states to metropolitan hubs that are more affordable — and Wellard is no exception. As well boasting its own train station, its nearness to both the city of Perth and major lifestyle markets, including Mandurah and the Margaret River, make it an exceptionally located suburb for the future,” he stated.

Looking more broadly, Western Australia has been showing positive signs early on in 2023 — defying the broad-based downturn on show across the rest of Australia’s states and territories.

According to the Housing Industry Association, Western Australia was the only state that did not record a decline in the sale of new homes between February and April. It was also the only state to record a year-on-year increase in new home sales, with figures up 9.8 per cent annually.

The Western Australian Treasury Corporation has acknowledged the state’s “stable housing market” — explaining how house prices in Australia’s largest state are more affordable than their eastern counterparts, making households “relatively less exposed to higher mortgage rates”.

That, combined with its economic resilience, makes it an enticing place for investors to park their money — especially given the government’s intentions to move away from its previous reliance on mining and resource-heavy sectors to a more diverse economic footprint.

To see what other suburbs made the Fast 50 2024, you can download the report here.

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• Fast 50

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