Perth's Future Developments and Their Impact on Property Prices

In the world of property, we don’t just pay attention to houses and units; we also pay attention to what’s happening around them.

We’re talking about the developments of a city, including infrastructure, education and healthcare facilities, and retail developments.

Perth is a solid example of how upcoming developments could lead to a major boom in property prices, drawing in investors from all over Australia.

Here, the expert property adviser team at Patrick Leo discusses Perth’s future developments and their expected impact on property prices:

Transport developments

As the WA Government has stated, Perth is currently undergoing “the biggest transformation in its development history”, with major developments planned or underway for its transport system.

There are several transport developments in Perth which will see more public transport available, station upgrades and improved riding and walking infrastructure. These include:

• Perth Greater CBD Transport Plan
  A development which will see upgraded walking and cycling infrastructure, improved bus accessibility and behavioural change programs implemented to make transport easier within Perth’s CBD.

• Metronet
  A $6 billion light rail improvement project which will see 72km of new rail laid, and 23 new stations. METRONET will see extensions across the Greater Perth area, making public transport quicker and easier for suburbs in the north east, north west, south east and south west suburbs. This is the single largest investment to Perth transport that the city has ever seen.

   

  With more efficient, accessible public transport, areas in Perth which will be connected via light rail for the very first time, such as Byford and Yanchep, can be expected to see a rise in property value.

Education developments

Education development is another factor which often impacts the property prices of a city. Perth also has a major education development in progress, with the move of Edith Cowan University’s business and law schools to the CBD. This is an $853 million investment which will bring more than 10,000 new students and staff from day one.

Creation of job opportunities

Generally, where job growth is prevalent, so is property value growth. With these major developments occurring in Perth, thousands of jobs are expected to be created, bringing more residents to the city and creating a greater demand for rental properties. This demand can also impact property prices, increasing property value across Perth.

Perth property prices have increased over the past 12 months, and there are no signs of slowing down. If you’re interested in investing in Perth real estate, talk to the team at Patrick Leo. We’re Australia’s leading property adviser, helping clients find their dream property to facilitate their long-term financial goals. Our team sits down with you, learns about your position and your goals and finds the best property for your needs. Start the conversation with Patrick Leo and say hello to a wealthier, happier you.