While all of Bunbury is booming, there are a few standout areas of Western Australia's 'second city' that are really taking things to the next level. Not only do these select suburbs highlight just how much growth is happening in Bunbury, but they also provide a fascinating blueprint for the city's future and a roadmap for which investments may bear the ripest fruit over the coming years.
For a great example, let's take a closer look at Gelorup – Bunbury's best performing area over the last year.
Real estate on sites between 4,000 and 5,000 square metres are going for anywhere in the region of $420,000 to $1.2million.
Gelorup in focus
Located just south east of another incredibly profitable area Dalyellup, Gelorup is essentially a lifestyle suburb, with rural surrounds, big sections and large homes. The space of Gelorup is a bit part of its appeal, and with substantially sized properties coming onto the market, you might be forgiven for thinking that the trade off is isolation from the rest of the city.
This couldn't be further from the truth, with the suburb located a measly 20 minute drive from the heart of Bunbury. So what about cost? Surely large sections that close to town are commanding elevated prices? In the near future this may be the case, but for now Gelorup sits only a little above the average for the region, with PerthNow reporting that real estate on sites between 4,000 and 5,000 square metres are going for anywhere in the region of $420,000 to $1.2 million. While the upper end of this spectrum is indeed high, the potential peak for the area is still to be reached.
The future of Gelorup
According to CoreLogic RP Data, Gelorup is leading the Bunbury chart for medium price value growth, at an impressive 9.3 per cent over the last year. Contributing greatly to this demand and resultant price increase is the simple fact that there are very few large cities in Australia where large properties in close proximity to the CBD can be had for anything other than exorbitant prices.
In addition, as Bunbury's population continues to expand, it's not unlikely that we'll see the city expand outwards. Over the next few decades, we may see Gelorup become something more akin to an inner-city area. This means that if you've bought a Gelorup property now, you can expect a huge return when it comes time to sell in the future.
For more information on buying and selling property in Bunbury, be sure to get in touch with Ray White today.