There has never been a better time to ‘invest in the west’. Not only is Western Australia driving the nation’s economy but the state offers a long list of lifestyle, social and education attractions which are quickly cementing WA’s reputation as the top place to live and invest.
Fancy having Property Investment in Western Australia? Well now you can. The WA economy boom is being driven by the resources sector and the state’s unemployment rate; it is one of the lowest in the country. There are very attractive salaries to be earned, even for unskilled workers, and a large portion of this money flows back into the WA economy.
The resources boom is attracting people from every corner of the globe and the state’s population is surging with overseas migrants making up the biggest percentage of population growth in the west. According to ABS statistics, in 2010 the population grew by 46,000 to 2.237 million and more than half came from overseas.
62% of the population are under the age of 45 and the west is geared to support young families with plenty of child care centres, parks and gardens. The growing population figures are driving demand for quality housing and the median house price in July 2012 was $461,750. WA has the nation’s tightest residential rental market with the vacancy rate at less than 2% which drops close to zero in mining hubs. Perth rents have increased by 10% in the past year and the median weekly rent in Perth is $430.
Rents in resources towns can fetch more than $1,000 per week and the State Government is driving sustainable housing and masterplanned communities in the north-west so there are attractive investment opportunities to be found in towns like Karratha and Port Hedland.
Closer to the metro area, experts predict WA will be short of up to 30,000 dwellings by 2016 and due to recent uncertainty arising from changes to the building laws, more buyers have turned to the established market and stock numbers are falling. Put simply, there has never been a better time to own an investment property in WA.
Perth’s infrastructure relative to its population is impressive and the Perth CBD is undergoing three major developments being Elizabeth Quay, Perth City Link and Riverside. These will deliver tens of thousands of square metres of commercial and retail space over the next decade, helping to ease Perth’s commercial vacancy rates which are the tightest in the nation. The State Government has also committed millions to improve the public transport system, extend existing networks and ease congestion, particularly on the southern rail line which has grown rapidly as a result of the burgeoning southern suburbs.
The Perth domestic and international airports are undergoing a massive upgrade to accommodate the growing numbers of visitors plus the rapidly expanding ‘fly-in, fly-out’ workforce which services the resources sector.
From a lifestyle perspective, Perth is becoming much more sophisticated and the ‘small bar scene’ has blossomed in recent years with many new bars and contemporary eateries opening their doors and driving up competition and the quality of service.
WA is also exceptionally proud of its educational offerings and the University of Western Australia is ranked amongst the top 100 universities in the world. Perth has five universities, over 1,000 schools and colleges plus attracts over 20,000 foreign students each year making education its second biggest export by education.
Most importantly, it is hard to compete with WA in terms of lifestyle as the state offers warm weather, spectacular beaches, natural attractions and contrasting landscapes from the rugged outback to the relaxed south-west which is popular for wineries, resorts and relaxing.
Perth is undergoing a massive transformation that is unlikely to be witnessed again and there has never been a better time to invest in the west.
If you’re interested in investing in Western Australia, contact a Property Investment Specialist today on 08 9200 7200.
DISCLAIMER:This information is of a general nature only and does not constitute professional advice. We strongly recommend that you seek your own professional advice in relation to your particular circumstances.