Those of you who have been following the PropertyESP blog for a while know that we have an appetite for TODs (transit-oriented developments) because of their economic impact.
So we decided to take a look at two TODs on the Mandurah train line, in Cockburn Central and in Wellard.
Wellard is the site of Perth’s first Mandurah line TOD, but like nearby suburbs it started with a focus on houses.
The Cockburn Central TOD however was established with apartments and home units in mind, and the first home units came onto the market in 2008. Wellard followed suit with its first units sold in 2012.
Home units are the more popular accounting for 72% of the units sold from 2008 onwards. The bulk of the other options were apartment houses.
What’s the difference between the two? Home units are completely self-contained and a better standard than flats (which are rarely built these days).
Apartment houses on the other hand, are considered more luxurious and have more amenities.
Two bedroom apartments and home units dominate the Cockburn Central and Wellard TODs… with 40% of sales since 2008 being of 2 bed-2 bath-1 car park and 25% being 2 bed-1 bath-1 car park. 17% were 1 bed apartments and home units.
The dominance of the single car park is a reflection of the property being close to the train line, with good access to the City, but may not reflect the reality of living 10-14km from the beach. In fact, more than 80% of the properties sold had room for only one car.
But with more train stations coming online, we can expect to see more TODs and more developments that will take full advantage of these transit links.
If you are interested in the full results of the sales analysis for Wellard and Cockburn then feel free to contact Samantha Reece on 0452 067 117.
PropertyESP we make sense of property.