The government’s strategic injection of $463 million into new economic infrastructure and diversification initiatives underscores its commitment to fostering an environment conducive to business expansion and industrial growth. This substantial investment in road, port, and electricity infrastructure, totaling $294 million, not only propels the city’s transformation but also creates a fertile ground for investors seeking opportunities in a dynamic market.
Population growth is projected to continue on an upward trajectory, driven by a combination of factors, including overseas migration and domestic relocation.
Currently home to 2.6 million people, and attracting more than 2.24 million visitors annually, Perth’s population is projected to reach 2.9 million by 2031 and 3.5 million by 2050. This will make it Australia’s third largest city after Sydney and Melbourne.
Compared to the likes of Sydney ($1,396,888) and Melbourne) ($937,736) Perth’s median house price, at $660,069, is not only affordable but represents significant value, making Perth an attractive proposition for investors.
Here are the other drivers that make Perth a promising property investment destination:
Urban Renewal
The $1.5 billion Perth City Deal, a collaboration between local, state, and federal governments, is set to breathe new life into the city’s Central Business District. The Government’s investment in urban rejuvenation will create vibrant precincts, public spaces, and cultural attractions. Notably, $695 million will be used to establish the State’s first inner-city university campus, enhancing accessibility, creating jobs, and fostering a more livable city. Another $105 million is allocated for the Perth Greater CBD Transport Plan, further enhancing the city’s connectivity and attractiveness.
Transportation Revolution
Perth is on the brink of a transportation revolution with the METRONET project, a monumental $6 billion investment in public transport. Encompassing 72 kilometers of new passenger rail and 23 stations, METRONET is not just a boost to the local economy; it’s a revolution in public transport, connecting communities and unlocking investment opportunities in education, employment, and social infrastructure.
Revived Manufacturing Sector
The ambitious WA Railcar Program, aiming to deliver 246 new C-series railcars, is designed to meet the growing demand of the METRONET projects. Beyond ensuring a more comfortable and efficient travel experience, this initiative contributes to reducing road congestion. With the introduction of six new diesel railcars built in WA, the program enhances regional connectivity and presents investment prospects in the state’s manufacturing industry.
Education and Employment Opportunities
The 2023-24 State Budget’s substantial allocation of $6.4 billion to education underscores the Western Australian government’s commitment to building a future-ready state. This investment not only fosters a highly skilled workforce but also strengthens the state’s credentials as a top education destination.
As the economic engine of Western Australia, Perth is gearing up for unparalleled growth, and the forthcoming 2024 Investment Report is your compass in navigating this promising city’s real estate market. Stay ahead of the curve and explore the opportunities that await you in Perth’s thriving property landscape.
