WA’s ascendant economy, boosted by the resources boom, is fuelling renewed optimism in the state’s property sector
The Western Australian market is showing signs that it has bottomed out following a correction brought by the boom in 2004-2006. Since its peak in mid-2010, the greater Perth area has experienced a fall in value of 7.4%, according to RP Data. Now, on the back of large scale investment in the resources industry and affordability in areas close to the capital, Western Australia is looking like one of the strongest states.
So strong, in fact, that six of the top 10 suburbs in 2012 are from Western Australia.
The metropolitan suburbs performed the strongest, with nine of the top 20 placed within 15km of the Perth CBD.
These suburbs are currently presenting opportunities for investors to pick up very affordable properties, with great access to all the amenities of the city and plenty of room for growth. The CBD and surrounding markets are also expected to benefit from the mining boom, as many of the companies involved base their corporate operations in Perth, which creates an influx of high-earning professionals renting in the area.
For the regional suburbs, South Hedland was the top performer, ranking sixth overall. Another regional suburb placed in the top 100 was Rockingham. South Hedland rates highly for its cash-flow positive properties which many investors are using to expand their portfolio. The massive infrastructure projects and the shortage of stock ensure demand will continue to strengthen.
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