Perth property market standing alone as 2023 growth prospect
As the rest of the country is staring down the barrel at the possibility of falling property prices, Perth is tipped to buck this trend and grow in value in 2023 and beyond. In part 2 of this 3 part blog series, we look at an additional two local government areas tipped for growth in 2023 and beyond
Don’t want to wait? Grab a copy of the full guide by clicking the button below.
City Of Swan
The City of Swan is one of the nation’s fastest-growing urban areas, with its population projected to double to over 300,000 residents in the next three decades. Affordability and lifestyle are attracting growing numbers of buyers. A dozen of the municipality’s suburbs have median house prices below $585,000, which is the median house price for the Greater Perth metropolitan area. Buyer demand is translating into rising sales activity and strong price growth. Further evidence of consumer demand for this region is the shortage of rental homes – all of the eight postcodes in the City of Swan have vacancy rates between zero and 0.6%, according to data from SQM Research. The rapid rate of population growth is promoting elevated spending on new infrastructure to service the region, including new road and rail links. The municipality already has major health and education facilities, and a strong local economy boosted viticulture, agriculture and tourism.
City Of Swan Highlights:
• Affordability
• Attractive lifestyle
• Major road and rail improvements
• $350 million sporting complex
• Master-planned residential communities
City Of Swan Location:
• 20km north-east of the Perth CBD
• One of the fastest-growing urban corridors in Australia
• Access via accessed by the Great Eastern Highway, the Great Northern Highway, the Reid Highway, the Roe Highway, the Tonkin Highway
• LGA: City of Swan
City Of Stirling
The City of Stirling market is rising on the back of several large infrastructure projects. These include the Stirling City Centre project, which is touted as being one of Australia’s biggest urban regeneration projects, while $1.6 billion is being spent on upgrading two of the LGA’s major shopping centres. Another $400 million is being spent on various transport projects as three levels of government work towards transforming Stirling City Centre into a Metronet-style hub. Alongside these changes, the City of Stirling continues to offer a leisurely seaside lifestyle and is home to the internationally renowned Scarborough Beach. Trendy bars and cafes impart a youthful vibrancy to the area while also attracting a steady stream of 20 to 40-year-olds. Further adding to the region’s appeal are shopping and education facilities, coupled with good transport links to the Perth CBD. These factors are accompanied by extremely low vacancy rates, increasing residential rents and government incentives which have encouraged more first-home buyers to enter the market. All of these points have helped the Stirling property market experience rising sales activity and prices.
City Of Stirling Highlights:
• 2nd largest employment area in WA
• One of the steadiest precincts during Perth market downturn and now prominent in up-cycle
• $125 million Stirling City Centre project
• $100 million Scarborough Beach redevelopment
• $800 million Karrinyup Shopping Centre expansion
City Of Stirling Location:
• Coastal region 12–60km north of Perth CBD
• Access via the Mitchell Fwy and the Joondalup-Butler metro train line, stations at Glendalough and Stirling
• LGA: City of Stirling
