Perth Monthly Market Wrap

One of the biggest factors that affect our economy is the population. According to a study performed by the Department of Planning, Lands and Heritage, “Directions 2031 and Beyond” predicted that the current population of Perth will grow from 2 million residents to 3.5 million in 2056 which also translates to an increase of 20 per cent in the population in a span of 10 years.  This means that Perth needs 20 per cent more dwellings to house the growing population. The Western Australian Planning Commission are heavily investing in the search of in-fill development opportunities to cater the current population while also carefully planning for the future.

Perth residents will soon notice that the average lot size for homes will be getting smaller as the years come. There are certain communities that are investing more in apartments/units that an actual house because apartments and units take up a smaller space but also offers the same comfort that a house can provide. Take Claremont on the Park as an example, this 9.4 hectare development site is offering over 750 apartments that is built around the Claremont Oval. Most of the apartments in the area offer a good view of the oval, shops and small businesses are also starting to sprawl the community. There are also many amenities in the area like schools, a fifty metre outdoor swimming pool and access to the Claremont Train Station.

This development and similar others will cater the ageing population in the area as the average baby boomer is nearing retirement age. This development offers citizens more options to have a change in lifestyle especially those who would like to downsize as they are mostly living by themselves. There are also people who likes to travel and would require a low maintenance property with the option to lock and leave.

Source: www.htw.com.au