This article is from the Australian Property Journal archive
STOCKLAND has increased its Western Australian residential pipeline with the purchase of a 35.8 hectare consolidated parcel of land at Piara Waters West, south east of Perth, with plans to develop about 600 new homes on the site.
Stockland is familiar with the area, having last year sold out its Newhaven community in the suburb, and has reported strong sales at the nearby Calleya in Treeby.
“This acquisition is part of our strategy to restock our residential pipeline early in the cycle, in target corridors with strong demand fundamentals and expected total returns above our hurdle rates,” Stockland communities CEO, Andrew Whitson said.
He said the WA market has “benefitted from the strongest stimulus in the country with the combination of HomeBuilder and state-based incentives”, and this saw an uplift in sales over the first half 2021.
“We anticipate demand to increase in 2022 in response to reduced stock availability and the tightest rental market in the country.”
Stockland Communities CEO Andrew Whitson
Stockland has about $1 billion invested in the state.
The group has been attracted to the area’s lifestyle amenity and existing infrastructure. Nearby are walkways and bike trails, as well as the Piara Waters Pavilion and Sports Oval, as is the Stockland Harrisdale Shopping Centre, and several parks and playgrounds including the famous $2.5 million Newhaven Robot Park and Newhaven Dog Adventure Playground.
Education is high on the list of priorities for the area, with the precinct including Harrisdale Primary and High School, North Harrisdale Primary School, Piara Waters Primary School and Aspiri Primary School.
Construction is also underway on the adjacent Piara Waters Secondary School, set to welcome students for the start of 2023.
Public transport routes are well established, allowing residents to commute with ease.
Stockland will commence development, marketing and sales following settlement.
