Infrastructure Projects and Western Australia’s Economy to Lift Perth’s Property Market

A couple planning to buy a house

Real estate investors in Perth will find more opportunities this year, as an infrastructure boom and a stabilising economy will help in the recovery of the city’s property market.

Some property analysts have already flagged sales growth in several suburbs in the city. Hotspotting founder Terry Ryder, for instance, said that 42 suburban areas recorded more transactions in the last quarter of 2017.

Infrastructure Boom

The increase in sales across different suburbs partly stems from the state government’s various infrastructure investments. These include the Metronet, Optus Stadium, and Elizabeth Quay developments. As a result, property developers will likely pursue more home and development sites in suburbs, such as those along the Midland rail line.

Some of them include the 6000 postcode, which will be more popular with homebuyers and investors, according to Lino Iacomella, WA executive director of the Property Council of Australia. On the other hand, property consultant Momentum Wealth said that Lynwood, South Lake, Craigie, Kewdale, and Eden Hill would be the top suburbs for first-time homebuyers.

Home Sellers

The increase in demand from property buyers and investors in Perth properties bodes well for sellers, as they can leverage it to ask for higher prices. Home upgrades can further boost the value of your house. Those who wanted to have a plunge pool in their Perth home likely spent more than $21,000 for the addition, according to a finder.com.au survey.

The poll showed that swimming pools account for the biggest chunk of homeowners’ budgets for renovations, while homeowners spend more on upgrading kitchens than any other part of the house. More than three million homes nationwide have had renovations, the survey noted.

Real estate prices in cities and suburban areas normally pick up after infrastructure developments take place. If you’re planning to sell your home this year, you should consider some improvements to get the most out of the expected increase in prices.