State of Markets – WA October 2012
Essential information, plus expert insight on what is shaping the national property market...
WESTERN AUSTRALIA
Record growth for investment hotspot
Property values in one investment ‘hotspot’ have shot up by $50,000 in one quarter, a leading real estate group claimed.
The June 2012 quarter recorded a record result for the Pilbara, which saw prices rise to an average $850,000, said Crawford Realty.
Over the quarter, 75 properties were sold, including properties in South Hedland, Port Hedland, Karratha and Newman.
South Hedland is the “hottest property market”, according to managing director Ryan Crawford, with investors seeing rents of up to $2,000 for a $700,000 property.
With surging rents due to the zero vacancy rate and increasing numbers of workers, Mr Crawford said the area is “a pressure cooker”.
Properties in South Hedland, ‘epicentre’ of the Pilbara, are taking just five days to sell on average, he added.
$80m Perth transport project approved
A surging population has prompted the WA government to approve an $80 million rail station, bus interchange and 2,000 car park project in Perth’s southern suburbs.
Aubin Grove has seen increased demand for public transport due to growing interest in the area, pushing the government to prioritise the project.
Premier Colin Barnett said the decision was based on the 0extreme growth projected for the next 15 years.
“The latest population forecasts for Western Australia show an increase of about 400,000 people by 2026, with part of that increase expected from suburbs such as Aubin Grove, Atwell, Hammond Park, Mandogalup and Wandi,” he said.
Transport minister Troy Buswell indicated that both the station and bus interchange would be near the Gibbs and Russell Roads Kwinana Freeway exits.
“Providing a station between the Cockburn Central and Kwinana stations is our priority as a result of increased land development in the surrounding areas and significantly higher demand for rail than previously projected,” Mr Buswell explained.