The perfect time to invest in Perth
With predictions Perth’s population will reach 3.5 million by 2050, the city is poised to become Australia’s third largest capital. This growth is fueling significant investment in property by both the public and private sector. More than $350 million is being invested in the retail sector alone, at Raine Square, Forrest Chase and Plaza and Piccadilly Arcades.
There has also been a 22% increase in the number of people living in the central city since 2011, with predictions it will be 41,000 by 2036. This residential growth is forecast to continue, particularly in purpose-built student accommodation. There are more than 3,620 beds in the pipeline, encouraged by the City of Perth’s plot ratio bonuses for ’special residential’.
The plot ratio bonus is also available in many parts of the city for the conservation of heritage places, public facilities, residential developments and high-quality hotels.
Tourism is also driving the property sector with more than 1,400 hotel rooms currently under construction including the Westin Hotel, Ritz Carlton, and the DoubleTree by Hilton in Northbridge and Elizabeth Quay.
In the commercial property sector, affordable leasing rates, coupled with significant capital investment in new builds and upgrades, are encouraging industries from a range of sectors to re-locate into the city and creating ‘counter cyclical’ investment opportunities.