Western Australia Outlook Changing Market Conditions Western Australia is expected to grow faster than other parts of Australia, with predictions of population growth in the order of 14.5 per cent to 17 per cent of net migration, whereas Western Australia has approximately 10 per cent of Australia’s population at present. Migration to Perth will be higher than regional Western Australia, and the highest in Australia, with population increasing 32 per cent to 35 per cent in the period 2006 to 2021. In terms of housing demand, demand for apartments in Perth is expected to be in excess of 52 per cent, compared to the rest of Western Australia where demand is expected to be in the vicinity of 36 per cent. This represents the highest demand for apartments in all of Australia. Demand for a house in Perth is second only to Brisbane. As demand for Australian resources increases, the desirability of Western Australia also increases, further enhancing the opportunities for investment in the state by government and private investors. According to First National Real Estate Western Australia State Chair, Mr Cambell Giles, “The announcement of the $50 billion Gorgon Gas project will bring Western Australia again to the attention of the property investment dollars from around Australia.� Another key project planned for Western Australia includes the $800 million second pipeline from the North West shelf to onshore Western Australia.
28 First National Real Estate 2010 Property Outlook