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State of Markets - WA February 2013

By Staff Reporter

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

WESTERN AUSTRALIA

New ‘regional centre’ for WA
One area, tipped in Smart Property Investment's Fast 50, has seen double digit growth, with new developments set to turn it from a “mining camp” into a “major regional centre,” according to the state government.

Regional development and lands minister, Brendon Grylls, said that transformation of WA’s Newman area was part of the Pilbara Cities initiative and the Shire of East Pilbara’s Newman Town Centre Revitalisation Plan.

Stage two of the revitalisation is complete, with $19.9 million from Royalties for Regions committed for stage three.

“The new main street represents another step in Newman’s evolution from its conception as a mining camp into a major regional centre,” Mr Grylls said of the new addition.

“By establishing better road connectivity in the town, there is more incentive for permanent residency.”

$167b worth of projects in pipeline
Strength in Western Australia’s economy and property market has been largely based on the local businesses’ ability to hold on to billions of dollars worth of resource projects, according to a recent report.

While there has been volatility in commodity prices, and reports the mining boom is set for a “slow down” over 2013, $30 billion of contracts were given to WA-based suppliers, leaving confidence at a high for the market.

The November 2012 Local Content Report revealed that since July 2011, 75,000 jobs were created on the back of these contracts, with $167 billion worth of projects in the pipeline or currently under construction.

Part of this success may be on the back of project proponents operating under the State Agreement Act to keep contracts within the state.

"Ongoing success can only be based on government project proponents and suppliers working together, which is why the Industry Facilitation and Support Program the state government introduced in 2011 has been such a success," said commerce minister, Simon O’Brien.

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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%