Hundreds of Western Australian homes are being demolished to make way for new multi unit development in Perth.
Multi unit development in Perth is a popular and potentially lucrative way to generate income and long-term capital growth for your investment portfolio. Because land has become so valuable per square meter, and demand remaining high due to Perth’s urban sprawl and population growth, better utilising the land available to produce multiple units can generate potentially millions of dollars in investment returns over time.
By the start of 2014, the population of Greater Perth hit 2 million people. Between 2012 and 2013, Greater Perth increased by 3.5% (67,500 people). This was the fastest growth rate among Australia’s capital cities. 3 million people will live in Perth within 20-years.
The largest population growth in WA occurred in the outer suburbs and very inner suburbs, where high density living has become more prevalent or where new homes are being built.
In the next several years and decade, much of the population growth is going to have to come from the middle to outer Perth suburbs, because the city simply cannot cope with the ridiculous urban sprawl.
Owners of land in well established middle city suburbs, who position themselves now for the ‘urban infill’ revolution Perth, will experience a significant opportunity.
“If we don’t take action, pressure will grow on the provision of scarce infrastructure to support new housing development on Perth’s urban fringe” – Property Council of Australia Executive Director Lino Iacomella.
“Perth’s urban sprawl is now recognised as one of the biggest in the world.” – The West Australian.
Are you a Perth land owner looking to demolish a current building to build a development ? Contact Ventura iD Perth – The WA Property Development Experts for residential multi unit development for a free development consultation.