Next year is going to be huge for Perth.
Not only will the Stadium be in use and Scarborough redevelopment complete, but the Qantas Dreamliner flights will commence and the impact of these major events on tourism will benefit the whole of Perth.
Perth is on the cusp of an exciting transformation set to turn the city into a truly world-class destination. In the context of the property market, bolstered tourism activity will create more jobs and increase property demand, particularly in areas with the most development activity due to enhanced liveability.
The market generally is already showing signs of rebounding. In the residential housing market leading property analysists CoreLogic reported that values have increased consecutively over the 3 months to December, and REIWA data shows leasing activity increased nearly 5% over the September quarter. In the apartment market, figures just released by URBIS show sales have increased in the September quarter.
It will be a year of opportunity in the property market and here’s how to make the most of it - our tips on what to look for:
- Location - Areas with private and public investment in infrastructure/major upgrades. Also, consistently strong performing suburbs particularly in good school zones
- Timing - Buy before infrastructure upgrade projects are complete, as upward pressure on prices will result as soon as the various developments are delivered
- Proximity to transport – properties that are located near transport nodes and have good accessibility as well as lifestyle amenity are more likely to achieve higher capital growth and, if you’re an investor, they’ll be more appealing to tenants
- Infill areas – Densification will be more of a focus as higher-density housing in strategic urban areas can help reduce the strain of coastal sprawl and absorb the growing population of Perth more sustainably
- Good design – make sure the internal space has been maximised and that the living areas flow, this will make your dwelling look and feel more spacious
- Sustainability – properties that include solar power and solar passive design, as well as other ‘green’ features are going to become increasingly relevant as the cost of power rises
The 2018 Hotspots:
Commenced in 2016, the $100million redevelopment will see the foreshore completely rejuvenated, making it a destination for both tourists and West Australians alike
Areas which are accessible to the new Stadium such as East Perth and Burswood. Areas further East which the Forrestfield link will service, and Midland where the MRA have significant planned investment
Elizabeth Quay, Yagan Square and Perth City Link are all underway, and whilst these projects will not be fully complete in 2018, they are just a few of the projects that form major investment in the city centre, making the area an obvious property investment opportunity
Consistently high performing, the Western Suburbs are a key area which benefit significantly from capital growth fundamentals such as proximity to the city, good schools and general lifestyle amenityShare on Twitter Share on Facebook