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State of Markets – WA March 2012

01 MAY 2012 • By Phillip Tarrant • 2 min read • Hotspots

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

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WESTERN AUSTRALIA

Housing values to surge in Perth
While units outperformed houses in Perth last year, there will be a resurgence in house prices, according to a new study.

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House prices saw a downturn of 5.2 per cent in 2011, while units decreased by 3.3 per cent, the Australian Property Monitors (APM) House Price Report found.

However, house prices are set to grow, according to APM forecasts.

“Perth offers one of the best prospects for prices growth in 2012 with a significant increase in buyer activity,” the report says.

“With recessed house prices, together with low levels of new construction and a flood of workers seeking the wages bonanza delivered by nearly $100 billion in mining activity, Perth house prices have the clear potential to rise by a double-digit percentage.”

APM senior economist Andrew Wilson explained that decreases were due to low buyer confidence, particularly over the September 2011 quarter.

“Buyer wariness over the quarter was exacerbated by growing concerns over the state of the international economy, a weakening stock market and

a softening of economic activity,” he said.

BHP confirms $690m Pilbara project
BHP Billiton has confirmed that a satellite mine project worth just under $690 million will be developed in the Pilbara region.

The Orebody 24 mine is part of the Mt Whaleback operation, the world’s biggest single-pit, open-cut iron ore mine.

“Orebody 24 is a sustaining mine to maintain iron ore production output from the Newman Joint Venture operations,” BHP Billiton said in a statement.
Production is set to begin later this year.

The building of the mine includes construction of a train loadout facility, a rail spur and other supporting infrastructure.

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“The Orebody 24 development is consistent with our strategy to invest in high quality, expandable resource basins and highlights the benefits of our ability to leverage existing infrastructure to sustain current production,” Iron Ore president Ian Ashby said.

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Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is one of Australia’s leading property commentators, with more than a decade at the forefront of conversations shaping the nation’s property investment market.

As the long-time host of the Smart Property Investment Show and a regular commentator across property, finance and business, Phillip has interviewed thousands of investors, economists, advisers, brokers, agents and industry leaders, giving him a unique perspective on the trends, policies and market forces influencing Australian property.

Beyond property commentary in the media, Phillip is an active property investor himself, with first-hand experience building and managing a diversified property portfolio across multiple markets and cycles. His insights combines this practical investor perspective with deep exposure to the broader property and financial services ecosystem.

Phillip is also CEO and co-founder of Managed, an Australian property payments and technology platform transforming the way property managers, landlords and tenants manage rental payments and property transactions.

Through his writing, podcasts and industry engagements, Phillip focuses on cutting through market noise, challenging conventional thinking and helping investors make more informed, strategic decisions. His commentary regularly explores property markets, lending, taxation, regulation, investment strategy and the changing dynamics of Australia’s housing sector.

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