After hearing for some time about the many new mining jobs up north, it appears things are starting to take off up there. This is welcome news for Perth property buyers and owners.
It’s reflected in the extensive developments taking place up in Karratha. New flights have been laid on, new FIFO camps are being built and housing availability has fallen to 1.5%. These are sure signs of increasing population and demand.
The big money going into new amenities is proof of the confidence that people, money and jobs are returning. New facilities being built include a Hungry Jacks, $20 million Hilton Hotel, $63 million leisure centre, $207 million hospital and a $56 million arts centre.
With $65 billion investment in the next 3-5 years, 25,000 construction jobs and 8,500 ongoing operational jobs being created, confidence is returning, according to the West Australian newspaper.
Knock-on effects are expected to filter down to Perth. These include more demand for services, population growth, more jobs to administer the up-north operations and more money circulating in the economy.
It’s only a matter of time before this stimulates the Perth property market. Indeed, demand has already been rising in some Perth housing sectors. And all things being equal, property prices should slowly start edging up.
This is a much-needed trend for Perth homeowners, who have watched their home values and household wealth decline over the last 6 years and for many, the last decade. For Perth property investors and home buyers, waiting to see may mean they struggle to get in and end up getting less for their money.
Property selection remains critical, as well as careful appraisal of prices. When markets are changing many people overpay, after missing out a few times.
At the same time, those who pitch the price too low may lose out to more clued-up buyers.
Savvy Perth purchasers may do well to consider getting professional help from a good buyer’s agent. One who is out there in the market, exposed to the market movements and drivers in different locations.
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