PERTH has been labelled âthe land of opportunity for savvy investorsâ as widespread development and a quietly resurgent State economy combine to lift the property market out of the doldrums in 2018.
Massive State Government investment in Metronet, Optus Stadium, Yagan Square and Elizabeth Quay is forecast to begin paying off, while a rash of shopping centre upgrades will be a boon to the suburbs.
No one is predicting the dizzying capital gains witnessed mid-mining boom but property experts say there is plenty of value on offer and are feeling bullish about the new year.
Property researcher Terry Ryder, founder of real estate website Hotspotting, said 42 suburbs in Perth recorded sales growth in the December quarter, a stark contrast to zero in the final three months of 2016.
âWe provide reports to clients right around Australia and what weâre saying is that Perth is the land of opportunity for savvy investors,â Mr Ryder said.
âJobs are being created and resources projects are being started, which is very positive for the WA economy and the property market.â
Property Council of Australia WA executive director Lino Iacomella predicted the popularity of 6000 as a residential postcode would surge as home owners jockeyed to be close to the new attractions in the CBD.
Communities along the Midland rail line, including Maylands, Meltham and Bayswater, were already seeing growing demand for home and development sites.
âThis follows the public and private infrastructure work associated with Metronet and the Forrestfield-Airport rail link,â he said.
âEarly investors will benefit from long-term commitments for new stations in Redcliffe/Belmont and Forrestfield.â
Mr Iacomella said suburbs near retail centre expansions, especially those with apartment precincts such as Garden City in Booragoon, would also be enticing to investors and owner-occupiers.
His hot tip for outside the metropolitan area was Bunbury, where waterfront development around Koombana Bay and a burgeoning lithium industry should help boost demand.
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