Perth’s property market on the road to recovery

By Michael Mata

Perth’s property market is on the road to recovery

Widespread infrastructure development and a recovering state economy have combined to lift Perth’s property market out of the doldrums — opening up new opportunities for savvy investors in the process. 

The McGowan government’s investment in Metronet, Optus Stadium, Elizabeth Quay, and other projects are forecast to begin paying off, while upgrades to an array of shopping centres are projected to boost the appeal of surrounding suburbs.

Analysts aren’t predicting the dizzying gains witnessed during the middle of Western Australia’s mining boom, but many say there’s plenty of value on offer.

Terry Ryder, property analyst and founder of Hotspotting, said 42 suburbs in Perth recorded sales growth in the December quarter, a stark contrast to the number recorded in the final quarter of 2016: zero.

“We provide reports to clients right around Australia and what we’re saying is that Perth is the land of opportunity for savvy investors,” Ryder told Perth Now. “Jobs are being created and resources projects are being started, which is very positive for the WA economy and the property market.”

Lino Iacomella, WA executive director of the Property Council of Australia, believes the 6000 postcode will surge in popularity, as many are vying to be close to the new attractions in the CBD.

Communities along the Midland rail line, including Maylands and Bayswater, are beginning to see demand for home and development sites. 

“This follows the public and private infrastructure work associated with Metronet and the Forrestfield-Airport rail link,” Iacomella said. “Early investors will benefit from long-term commitments for new stations in Redcliffe/Belmont and Forrestfield.”

Perth’s top suburbs for 2018

Momentum Wealth, a Perth-based full-service property investment consultancy, recently released its latest analysis of Perth’s suburbs. The company’s top suburbs for first-homebuyers are: Lynwood, South Lake, Craigie, Kewdale, and Eden Hill.

Its top suburbs within 15km of the CBD are: Nedlands, Bayswater, Booragoon, Scarborough, and Bateman. 

Meanwhile, its top suburbs for investors are: Bassendean, Warwick, Bibra Lake, Willagee, and Doubleview.