Discover the Benefits of Buying a Property in Canning Vale
If you have owned a property in Canning Vale since 2019, your property’s value would have increased significantly, allowing for better valuations and refinancing.
Canning Vale is a suburb located south of Perth, Western Australia. The suburb is known for its industrial areas and bigger land size. It is a popular location for growing families with many new housing developments.
Growth
The growth rate over the past 12 months, based on data from realestate.com.au, is 8.9%. The median house price from Jan 2021 to Dec 2021 was around $620,000, compared with the median house price from December 2021 – November 2022 was about $675,000.
As for rent, it has increased by 10% in the last 12 months, sitting on a median weekly rent of $550.
What’s driving the growth?
Convenience
The strategic placement of Market City has made shopping for affordable fresh produce very accessible as it is a logistical hub for shipping out fresh produce. For more general groceries, we also have Livingston Shopping Centre at the centre of Canning Vale, which houses both Big W and Woolworths.
New Train Stations
With the upcoming Thornlie-Cockburn train line, we will see two new train stations being constructed within the Canning Vale suburb. Residents are hopeful that the completion of the train stations will boost property valuations and increase the convenience of city workers. You can read more about it here.
Good Schools
For great academic results and excellent teaching, Caladenia and Ranford primary schools have been very sought-after primary schools within the Canning Vale suburb. For migrants looking for an excellent primary school but can’t afford a property within the Willetton and Rossmoyne areas, many do consider public schools within the Canning Vale area.
Surrounding Suburbs
The neighbouring suburbs have also had steady growth over the last 12 months: Thornlie 9.1%, Treeby 8.0%, Harrisdale 7.5%, Huntingdale 8.5% and Southern River 10.3%.
Anticipation of Interest Rates
Our principal broker Leonard anticipates more interest rate hikes; however, Canning Vale and the nearby suburbs will likely continue to grow. This is because there is a housing shortage, as one in five Perth suburbs has no properties available to rent. The dire rental crisis will continue to grow well into 2023 as international students come back, pushing prices for rent and house prices up.
Looking Ahead into 2023
If you are looking to refinance, this is the best time to do it, as your property would have gone up in value over the year, and we can use that to your advantage to get you a lower interest rate and possibly some cash back *terms and conditions apply.
Suppose you are looking to purchase another property in 2023. You can speak to us about using your existing property’s equity to fund this endeavour. Contact us here.
Have a Happy New Year and we wish you all the best in 2023!
