Now is a great time to invest in Perth. The city is just coming out of recession, which means two things. First, everything is still in that delicate state where the money you need to shell out isn’t very high. Second is that the local economy is on the rise, so an investment now can yield great returns later.
There have always been great reasons to invest in Perth, though.
It’s the fastest growing capital city in Australia.
The State and local government are spending money to build and maintain the infrastructure that large-scale and small-scale investments both need.
Perth is also listed as one of the most livable cities in the world, attracting thousands of new residents annually.
Tourism is also on the rise, with a nearby airport and better transportation for travellers.
For all of the above reasons, Perth has become an excellent place for investors. Small businesses are on the rise again, and the money is flowing in and out of the city. However, one thing that almost everyone seems to be investing in is property.
Demand for properties in Perth, from vacation homes to commercial buildings, has been increasing. The city’s population has been going up since 2013 and could reach 5.5 million people by 2060. With that kind of growth, it’s no wonder that people are buying up land and real estate.
Real estate development is an expensive endeavour, but one that could pay off handsomely over time. This is particularly true because Perth has a housing shortage – one that investors are going to be crucial to correcting.
The real estate market in Perth has also proven very resilient. Most experts thought that the market would slow down as the mining boom did. Instead, the city has defied expectations, and the real estate market has proven itself capable of thriving through the recession period.
Redevelopment projects are being carried out in key areas. These include the cultural centres of the city and along the river, the latter of which has never had its potential fully tapped. Naturally, the city government is also eager on expanding the Central Business District.
Residential development is also happening. Again, as I said earlier, there is a housing shortage in Perth. There is a lot of potential ROI to be had in coming in to help correct it.
Western Australia in general and Perth specifically have various business grants and loans, designed to help investors and entrepreneurs get started. These can be a huge help, especially for those who are taking on larger projects or ideas.
One thing to consider, of course, is that you should try to invest now. Property prices in Perth are expected to rise. Even if you aren’t looking to invest in real estate, you still need space for any business venture you have in mind. Investing now could save you a huge amount of money.
While real estate and property are the big things in Perth now, the city does offer other opportunities. A quick look through smartinvestmentsperth.com.au can tell you there is an abundance of small businesses, franchise, and other opportunities for savvy investors.