Perth is still a sought after place to live, work and invest, as shown in recent studies.
Not only are Australian capital cities the “places to live”, but Perth itself remains the fastest growing city in Australia. By 2056, the Western Australian State Planning Strategy 2050 predicts that Western Australia’s population will rise from 2.5 million people to 4.4-5.6 million people.
These statistics correlate with predictions made by the Australian Bureau of Statistics (ABS), who state that people living in Western Australia’s capital is set to rise to 72 percent by 2053.
This dramatic increase in population will also increase the demand for available residential properties; approximately 700,000 homes will be needed across Western Australia by 2050, with 550,000 of them located in the metropolitan area alone.
This increased demand for housing means that Perth suburbs will need to begin the “filling in”, process, with blocks of suburban land becoming subdividable.
With so many new land estates being released on the outskirts of suburbia, subdivided dwellings including townhouses, apartments and units are providing people the opportunity to stay closer to the CBD.
Councils are also supporting the changes needed to accommodate the growth in population, with zoning of many properties changing across the metropolitan area.
This is the perfect time to take advantage of the growing Perth property market; savvy investors and developers will have the opportunity to undertake lucrative property development projects.
Investors have the opportunity to purchase an older home on a large block and either retain the home and build additional dwellings, or demolish the existing dwelling to make room for a new development. This in turn allows an investor additional opportunities to make a profit by selling the homes or multiply their rental income potential without having to pay for additional sites.
If you’re thinking of undertaking a unit development project in Perth, we can plan and manage your duplex, triplex or other unit development, ensuring that the property development process is seamless from start to finish.