Market update: Kardinya on the up
As life in WA eases back into a greater sense of normality, the buzz
around The Heights Kardinya just keeps growing louder. New development, new display
home, new incentives – it’s all happening right now at this popular
Here’s what’s going on in and around the estate.
What’s happening in the area?
Talk of the town
Get excited. After 27 years without any major works, site owner Con Berbatis has been given the green light to start works on the $80 million redevelopment of Kardinya Park Shopping Centre. The news comes after City of Melville planning officers narrowly voted to fast-track the project’s approval in June.
Residents at The Heights Kardinya are celebrating – and for good reason.
Soon they’ll live just 250m from what has been touted as a ‘suburb-changing development’ poised to become Kardinya’s new family focused town centre. The world-class design will add nearly 9000sqm of extra retail space, including an extra supermarket, swimming school, cinema, medical centre, cafes and restaurants, a multi-level car park and an internal Main Street created off South Street.
Such is the magnitude of the project that experts believe it may deliver an unexpected boost to neighbouring property values, as well as employ locals in the construction sector. Works are expected to officially commence later this year - we’re counting down the days already!
Credit: Image via https://kardinyapark.news/
Activate your lifestyle
Good news for residents loving the active lifestyle on offer at The Heights Kardinya. The City of Melville’s Active Reserve Infrastructure Strategy is coming into fruition, with a host of projects in the works designed to promote healthier lifestyles in the community.
There has already been $4.9 million approved for the next financial year as part of a $15 million stimulus package, meaning The Heights residents can look forward to big improvements to surrounding green space such as Shirley Strickland Reserve, Webber Reserve and Bert Jeffrey Park.
What’s happening in the market?
House and land in hot demand
As local, state and federal governments look for new ways to kickstart the economy, interest in The Heights Kardinya continues to grow, according to Pindan Development Manager Jordan Ennis.
“The Federal Government’s HomeBuilder stimulus program kicked in on June 4 and has already sparked strong interest in house and land packages at The Heights,” he said. “Buyers who were maybe biding their time are now jumping on the opportunity to cash in on the $25,000 grant to build a new home before December 31.
“Since then, the WA State Government has jumped on board with their own Building Bonus, offering $20,000 to eligible applicants who build or buy certain new homes before the end of the year. And that’s all on top of the $10,000 First Home Owner Grant and first home buyer stamp duty concessions.”
The substantial incentives are making it almost impossible to ignore The Heights Kardinya, with the market already buoyed by the exciting suburb development.
“The approval of Kardinya Park Shopping Centre has been warmly welcomed, both by existing residents and those looking to enter the market. Many have decided now’s the time to buy at The Heights so that their new home will be ready to enjoy Perth’s latest ‘town centre’ by the time construction is completed.”
To view the HomeBuilder eligibility criteria, click here. You can also learn more about the WA Building Bonus here.
Many happy returns
While the HomeBuilder grants are targeted at owner-occupiers, the $20,000 WA Building Bonus is also available to investors. So if you’re looking to seize the opportunity by building a brand new rental property at The Heights, Mr Ennis believes now could be the right time.
“Perth’s overall median rent price stayed steady at $350 per week through the month of June, which is likely a result of the rent increase ban on established tenancies during the COVID-19 emergency period,” he said.
“However, there is speculation that rents on newly leased property are on the rise, which is great news for The Heights investors. I think that once life regains more normality, we may start to see overall median rental prices rise, particularly in a sought-after suburb like Kardinya with its strong $415 per week rental returns.”
What’s happening in the estate?
The stage is set
As Perth’s demand for land increases, The Heights Kardinya is moving mountains to offer buyers more choice and availability. Early civil works are complete for Stage 2, which will comprise 34 single and double storey house and land packages set to be released in the coming weeks.
Given all but a handful of the Stage 1 lots have been snapped up, the
timing is perfect. Watch this space!
New homes underway
After two lucky residents snapped up our display homes late last year, construction began on two new homes at The Heights. The Executive, a double storey, low-maintenance ‘lock-and-leave’ ideal for couples, downsizers or young families, will be complete in October 2020. Lot 28, a single storey home, is also under construction and will be ready to move into by September 2020.
Lot 6, now sold, is our new sales information office. So if you’re looking to get a first-hand glimpse at the quality, fittings and finishes of other homes available in our house and land packages, this is a must see.
Ready to take advantage of the government’s limited-time financial incentives and call The Heights Kardinya home? Browse our house plans here.