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Invest in Western Australia::

 

Growing Population


Western Australia (WA) accounts for 10% of the total Australian population and it’s currently the fastest growing state in Australia. In 2008, the estimated resident population of WA reached 2.2 million, recording the largest percentage gain (3.1%), ahead of Queensland (2.5%) and Northern Territory (2.0%).

Perth, WA's capital city is the most populated area of the state with a current population of 1.5 million. Projections from the Australian Bureau of Statistics (ABS) estimate Perth could have almost 2.5 million residents by 2026, with the population approaching 4.2 million by 2056.

 

Strong economy


Western Australia boasts an open, dynamic economy built on strong international investment. WA's key economic drivers are mining, manufacturing, construction, property and business. The State’s economic growth (Gross State Product) has averaged 5.21 per cent during the past 10 years, outperforming Australia’s growth of 4.34 per cent (Gross Domestic Product) and OECD countries’ growth of 2.8 per cent for the same period. The medium to long-term outlook for WA's economy remains strong, despite the current global economic uncertainty.

In September 2008, unemployment in Western Australia was at its lowest level on record (2.7% in trend estimate terms). Such a low unemployment rate had not been recorded previously anywhere in Australia, except the Australian Capital Territory (2.5% almost one year before). By contrast, the national unemployment rate was 4.3% and rising. Despite a rise in unemployment in recent months, Western Australia's unemployment rate is still well below that of other states and most OECD countries. Recently released Labour Force data, indicate that unemployment in Western Australia reached 5.2% in trend terms (or 5.1% seasonally adjusted) in June 2009 while the rate for Australia rose to 5.8% (trend and seasonally adjusted). Relativities with other states and territories have been maintained, with WA still recording the third lowest unemployment rate in the nation.

 

Relaxed lifestyle


With a Mediterranean climate, friendly multi-cultural population and a beautiful capital city known for its clean environment and pristine coastline, Perth is one of the most unique major cities in the world, with a quality of life second to none.

Perth's central business district is just seven kilometres (or five minutes) from the clean, sandy beaches of the Indian Ocean. Thanks to an extensive and toll-free freeway system, the city's industrial areas, efficient shipping port and airport are never more than 30 minutes away.

This bustling capital is truly multi-cultural with 30 per cent of its population of 1.3 million born overseas. The standard of Western Australia's schools, hospitals, legal and accounting practices, banks, entertainment services and recreational facilities provide an enviable quality of life to its people and businesses.

 

Booming real estate market


Western Australia has been experiencing a boom in its real estate market and no mainland capital city saw more growth in its median house value than Perth in the past 10 years. Increase in rents in Perth accelerated by 9.6 per cent in 2007 and 12.5 per cent in 2008 - the highest growth amongst all capital cities. Median rents in Perth have experienced double-digit annual growth over the last three years to June 2008, increasing by a total 72 per cent in this period. Rental returns increased from 3.3 per cent at June 2006 to 4.1 per cent at June 2008.

 

WA's market was impacted in the financial crisis but it appears the slump in Perth’s property market may soon be coming to an end with the recent data from the Real Estate Institute of Western Australia (REIWA) revealing a rise in median prices. REIWA president Rob Druitt said, "WA’s property market experienced its strongest turnover since September 2007, with the number of sales increasing by more than 40 per cent since December".

 

Property values (Median sale prices) Mar Qtr 2009 Change from 3 months ago Change from 12 months ago
Houses, Established      
Perth Metropolitan Area $430,000 2.4% -7.5%
Albany $370,000 2.8% -15.4%
Broome $610,000 -0.4% -17.6%
Bunbury, Greater $350,000 6.1% -6.0%
Busselton $470,000 17.5% -6.0%
Esperance $355,000 -0.7% -11.3%
Geraldton - Greenough $350,000 4.5% -5.4%
Kalgoorlie Boulder $325,000 1.6% -5.8%
Karratha $616,500 -8.0% -14.6%
Mandurah - Murray $377,500 0.7% -14.2%
Northam $245,000 0.0% -5.8%
Port Hedland $605,000 12.0% 11.4%
Regional WA $350,000 2.9% -9.1%
Units/Apartments      
Perth $348,500 1.8% -7.1%
Land      
Perth $230,000 4.5% -8.0%
Regional WA $155,000 1.3% -18.0%

 

Rental Market Mar Qtr 2009 Change from 3 months ago Change from 12 months ago
Vacancy Rate - Perth 2.9% +0.5% pts +1.5% pts
Median Weekly Rent - Perth $370 0.0% 15.6%
Vacancy Rate - Mandurah-Murray 3.9% +0.9% pts -1.6% pts
Median Weekly Rent - Mandurah-Murray $295 1.7% 5.4%
Vacancy Rate - Bunbury, Greater 1.3% -1.8% pts -2.0% pts
Median Weekly Rent - Bunbury, Greater $300 3.4% 11.1%
Vacancy Rate - Geraldton-Greenough 3.2% +0.5% pts +1.1% pts
Median Weekly Rent - Geraldton-Greenough $320 6.7% 10.3%
Vacancy Rate - Kalgoorlie-Boulder 5.5% +1.9% pts +4.8% pts
Median Weekly Rent - Kalgoorlie-Boulder $360 -2.7% -2.7%
Vacancy Rate - Albany 3.4% n.a n.a
Median Weekly Rent - Albany $280 1.8% 3.7%
Vacancy Rate - Busselton 9.1% n.a n.a
Median Weekly Rent - Busselton $300 1.7% 1.7%
Vacancy Rate - Broome n.a n.a n.a
Median Weekly Rent - Broome $615 2.5% -8.2%

http://reiwa.com.au/res/res-marketindicators-display.cfm