It’s no secret Perth is a go-to destination for Asian property investors. Be they from China, Singapore, Malaysia or Japan they’re stampeding to buy property here, either as residences or for business. A report from the Foreign Investment Review Board put approvals for foreign buyers up 30% for last year alone.
While Asia may feel like the fountain of all investment, Europe and the Americas chip in too. The latest figure to buy big is a Jordanian: Ghazi Abu Nahi has been flashing the cash around town, snapping up Beaufort Street’s Myer Megamart site last year (a snip at $50 million…) and lining up a proposal for a $1.85 billion World Trade Centre between Perth and McIver stations.
But Australia’s a big place, so why choose Perth? Obviously there’s the lifestyle, with the city ranking seventh most liveable in the world in the most recent Mercer Quality of Life survey. But there’s sound financial sense at play too. For starters, the market here is better for buyers than elsewhere around the country. Last quarter, the median house price in Sydney passed one million dollars; Melbourne came in at $770,000. Perth? $520,000. Add to that the state government’s $17 billion investment in infrastructure like the Gateway WA project which is set to make Perth more attractive and accessible, and you have a city that’s not just affordable - it’s growing.
Businesses are being drawn here too; Perth just recently cracked the top ten Global Cities of the Future, based on its Foreign Direct Investment strategy. And one of the biggest attractions is the growth of our tourism industry. Deloitte’s Tourism and Hotel Market Outlook says tourist numbers are surging, and accommodation needs to keep up. That’s attracted investors like the Starwood Group from the US to build the Westin Hotel, one of 24 new hotels opening here in the next three years. Starwood is maximising its return by also including shops, heritage features and a 22-storey office tower on the site.
It all points towards the city being the place to buy property, which makes the rest of us kind of lucky, really. All these offshore investors looking to take advantage of the possibilities here, and we’re already on the spot, no travelling required.
Makes you think, doesn’t it?