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State of Markets – WA November 2012

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

WESTERN AUSTRALIA

WA’s first light rail announced
Western Australia’s first light rail network was launched recently, with almost $16 million committed to the project. The new network will see Mirrabooka connecting with Perth’s CBD, QEII and Causeway via Alexander Drive and Fitzgerald Street.

The first stage is set to begin construction in 2016.

The new system, named Metro Area Express (MAX), was launched by transport minister Troy Buswell and premier Colin Barnett as the “centrepiece” of the state’s new public transport system.

“MAX will power Perth commuters into the future, helping to reduce congestion into the city from our inner north, and manage population growth as the city expands to as many as 2.7 million people by 2031,” Mr Barnett said.

The first phase is expected to be operational by 2018.

More dwellings coming to the Pilbara
Further residential development has been announced for Port Hedland, with hundreds of new home sites and multi-storey dwellings to be built.

Lands minister Brendon Grylls has indicated that as part of the state government’s ‘Pilbara Cities’ initiative, a range of lot sizes will be provided.

“Similar in size to the successful Pretty Pool … the land is part of the residential expansion area identified in the Pilbara Port City Growth Plan,” Mr Grylls said. “When fully developed, this estate could provide up to 300 residential home sites as well as several sites for the construction of multiple dwellings of up to three storeys.”

Director of buyer’s agency wHeregroup Todd Hunter said that investors shouldn’t, however, be too nervous about any land releases right away although they should keep a close eye on future developments.

“There’s definitely going to be a negative effect in terms of supply and the rents will lower, but demand there is absolutely astronomical so the effect will be minor,” Mr Hunter said.

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Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
FAIRLIGHT 46.02%
2.
CASUARINA 44.36%
3.
THE ENTRANCE NORTH 41.09%
4.
ULTIMO 40.67%
5.
LAVENDER BAY 40.2%