A recent article by LMW Advisory WA, ‘West VS East’, explains that there are many opportunities presenting to buyers in the Perth property market. We believe that in support of this claim it is worth further discussion to highlight potential areas of future growth and elaborate on why we see now as the ideal time to consider buying property in Perth.
The Perth median house price is currently sitting at $481,500 (CoreLogic, May 2017) and at a level that in comparison to other states of Australia should tempt buyers to consider making their move sooner rather than waiting for the market to gain momentum in its recovery.
Major changes are proposed for Perth by the WA State Government, with a plan to invest $17 billion in infrastructure and the aim of creating communities offering new living and business opportunities, public open spaces, transport, facilities and lively places for people to enjoy. With the development of these new infrastructure projects will come added value to
The $2.75 billion extensions of the Metronet railway network over the next eight years will have a significant effect on the Perth property market. In this project, it is proposed to create a new railway line that will track from Morley to Ellenbrook and also an extension of the existing Clarkson train line up to Yanchep. In addition to these works, there will be easy access to Perth Airport created with the completion of the Forrestfield train line. The development of these rail projects will result in the properties located within those areas enjoying greater access to the Perth central business district. In projecting a future vision of where the smart buying opportunities lie, we have no doubt that the demand for properties in and around those areas will increase over time and with any increase in demand, comes an increase in price.
Planned apartment and shopping centre developments will deliver tangible benefits to locals as they create a place where people will want to spend their leisure time as they will provide a wide range of entertainment and lifestyle options, as well as restaurants and retail shops. Perth has 40 apartment projects and $4 billion worth of planned upgrades to shopping centres in the pipeline. These large-scale plans will not only form more vibrant and connected communities but will also open the door to thousands of local job opportunities. Similarly, as with Metronet, we believe the properties within proximity of these new development sites will become more sought-after and this demand will be reflected in an increase in values.
Importantly, as with any property buying decision, it is not a case of just buying anything and expecting to make money. Careful and strategic property selection is paramount and by choosing the right property in the right location you will reap the greater long-term benefit and return on your investment.
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