Perth is the dynamic and rapidly growing capital city of Western Australia, located on the Indian Ocean Rim.
Perth is one of the world’s fastest growing economic zones.
Perth is the capital and economic hub of Western Australia. Located at the mouth of the Swan River, many of Perth’s suburbs are highlighted by sandy white beaches. An hour south is the growing city of Mandurah, and 3 hours south is Margaret River.
Perth has an estimated population of just over two million and is forecast to grow to 2.9 million people by 2031 and 3.5 million people by 2050, becoming the third largest city in Australia after Sydney and Melbourne.
Home to the headquarters of the majority of Australia’s mining company’s, Perth is the closest capital to WA’s north-west mining region and benefits from this economically.
Perth is consistently ranked among the top 10 most liveable cities in the world by The Economist Intelligence Unit
Perth’s close proximity to Asia opens great potential for investors in energy, minerals, tourism, education and agriculture. While the state of Western Australia is fortunate to have world-class reserves of natural mineral and energy resources, the City of Perth has become home to an equally impressive resource.
The key employment sectors in the City of Perth are professional, scientific and technical services, public administration and safety, health care, mining, financial services, accommodation and food services, education and training and construction.
The Region’s mining sector is worth approximately $27.4 billion. The City of Perth is home to more than 100 resources and energy companies, with eight of the world’s 14 largest international energy and mining companies.
Greater Perth’s Gross Regional Product is estimated at $234.8 billion, which represents 17.9%of the state’s GSP (Gross State Product).
A $1.5 billion collaboration between the Australian Government, the WA Government, and the City of Perth, is set to revolutionise the urban landscape of Western Australia's capital. With a focus on infrastructure, innovation, and inclusivity, the deal aims to revitalise the city's cultural precinct, improve transportation connectivity, and foster inclusive economic development. A $500 million investment will transform the cultural precinct into a world-class hub, while transportation upgrades, including extending the Joondalup Line to Yanchep and constructing the Morley-Ellenbrook Line, will reduce congestion and emissions. Additionally, a $100 million investment in the Industry Training Hub will empower Perth's workforce, creating a skilled, versatile labour force for the future.
Other major projects in the pipeline for City of Perth and tipped for acceleration in construction include:
The $1.5B Perth City deal is an agreement between the WA State Government and the City of Perth to revitalise the city's CBD.
A new $1.87B metropolitan train line from Perth suburbs to the airport has been opened after a decade of planning.
A new train station at Ellenbrook plus 21kms of new track. This will reduce travel times by up to 50%.
The $400M Redcliffe Bridge upgrade will modify the existing bridge to accomodate eight lanes, while building a new western bridge with two additional lanes.
The $100M surf park in the City of Cockburn is planned to be the largest in the Southern Hemisphere.
Fremantle Harbour is Western Australia’s largest and busiest general cargo port and an important historical site. The inner harbour handles a large volume of sea containers, vehicle imports and livestock exports. Fremantle Harbour is located south-west of Perth CBD, situated on the mouth of the Swan River, providing 6,000 direct and indirect jobs and trading $31.3 billion annually.
The Kwinana Strategic Industrial Area (SIA) is one of Western Australia’s most important strategic industrial areas and is part of the State’s premier heavy industrial zone, the Western Trade Coast. It is located 30km south of the Perth metropolitan area and 15km south of Fremantle and the Fremantle Port.
Perth offers a unique combination of natural beauty, culture, and outdoor activities that make it a popular destination for tourists from around the world.
Tourism is a major contributor to the Western Australian economy, having a positive impact on many areas such as transport, accommodation, retail, food and beverage, tours and experiences.
Tourism is worth over $10 billion to the state’s economy, of which $2.5 billion comes from international visitors. Destinations include Rottnest Island, Cottesloe Beach, Kings Park, Swan Valley and Perth Observatory.
In comparison with the east coast, Perth is an affordable city with a median house price of $587,000 compared with $1,217,000 for Sydney (March 2023).
From an investment perspective an affordable area such as Perth allows for an easier entry into the property market and results in a typically higher yield return, with houses in Perth yielding 4.51% p.a.compared with 2.81% p.a. in Sydney (January 2023).
CoreLogic Quarterly Rental Review, Jan 2023
Australian Bureau of Statistics
Remplan City of Perth
Media: WA today
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