With a surge in population growth and a State Budget finally in the black, Western Australia is back on track, according to Premier Mark McGowan.
At a Business News breakfast in Perth, Mr McGowan said a series of recent initiatives – including off-the-plan stamp duty rebates, payroll tax relief and Keystart stimulus – had provided a much-needed economic boost.
“We now have the highest level of first home buyers in the country,” he said. “And population growth is at record levels.”
With a population of 2.15 million people, demographers predict the city’s population will reach 4.3 million by 2046. And a recent report by Infrastructure Australia forecasts Perth will surpass Brisbane as Australia’s third largest city.
Pulse Property Group director Di Addenbrooke said such a significant population increase provided challenges as well as opportunities.
She said residents and investors needed to look at the bigger picture.
“Will people want to continue to live on a quarter acre block and commute to work or will they compete for high-quality, high-density living near public transport? Di said. “I’d suggest it will be a bit of both, so we need to plan for that.”
She said suburbs like Rossmoyne, Shelley, Bull Creek, Mt Pleasant, Bateman and Brentwood would always show good value and solid returns because of their proximity to the rail network and world-class education and amenities.
“And located within half an hour of the airport and one of Australia’s biggest shipbuilding hubs (Henderson), means these sorts of areas make good sense.”
The Premier also announced a new State economic office to “help attract foreign investment”.
Mr McGowan said Invest and Trade WA would provide a “front door” for investors as well as support for small and medium-sized WA enterprises who wanted help to reach their export potential.
“This approach is essential to diversify our economy and create jobs for the future,” he said. “The Invest and Trade WA team will work with the State Government’s overseas offices to connect investors and buyers with WA businesses who are seeking to expand their businesses and access international opportunities.