An emerging hotspot has received another boost that should set it in good stead for the future, a property investment expert has revealed.
The City of Kwinana in Western Australia is already a steady choice placed firmly on the upcoming hotspot list, according to Margaret Lomas, host of Property Success.
Speaking to Smart Property Investment and Property Success, Carol Adams, mayor of the City of Kwinana, explained her expectations are that the council will soon undergo amalgamation.
“The local government minister is making his announcements next Tuesday about wide-scale metropolitan reform. We expect we’ll actually be amalgamated with Cockburn … or Rockingham,” Ms Adams said, pointing to Cockburn as the most likely choice. This has since been confirmed.
Ms Lomas explained that this is potentially a huge boost for the area, noting that it has previously worked well in hotspots such as Toowoomba, where nine councils were merged to form one.
“What they actually have [in Toowoomba] is incredible resources now. It’s really managed to translate back into big investment in the region,” she said.
Despite this, Ms Adams is concerned about the effects, noting that the community was surveyed and did not want the change – particularly if it changes the focus from ‘community’ to ‘economy’. In recent news, City of Kwinana CEO Neil Hartley resigned over the amalgamation decision.
However, Ms Lomas told Smart Property Investment it would be a “good thing” for investors and for the area generally. “It’s about economies of scale. You’re going to get a lower cost per action when you amalgamate,” she said. These funds could then be re-invested into the area, making it a good long-term decision.
With an estimated cost of between eight and 15 million dollars, it would take around four to five years to start seeing this return, Ms Adams said.
Looking to other changes in the future upholding the growth of Kwinana, she said, “With the two ports coming to the city over probably the next 10 years, there’s been a lot of planning going into the infrastructure of road and rail networks.
“It’s really just a matter of the government flicking the switch, knowing when the dates are, and everything will come in behind it.”
Your enquiry has been sent to a local Aussie Mortgage Broker.
We will be in contact with you shortly.
- Give expert mortgage advice to help you find great investment loan deals
- Help you maximise return by lowering financing costs
- Save you time and effort by helping with the paperwork