Perth Property Development Targets Can’t Meet Demand for Projected 3.5 Million People
Perth, Western Australia – Property development targets to meet demand from Perth’s population growth is not being met, with local governments to blame, a new report says.
According to the WA Government’s ‘Directions 20131’ progress report, local government is holding back property development in areas where its most needed.
- Targets to meet demand for Perth’s population growth are way behind target, with many local councils to blame, a report says.
- Over the next three years, Perth Property Developers must significantly increase new units in established areas to keep up demand.
- Dozens of local councils are not doing enough to encourage investment in units.
- Significant opportunities for Perth property developers, either individuals/ ‘mum and dad’ investors or commercial operators.
Only two local governments, Claremont and Kwinana are meeting targets. Half of Perth’s councils were falling far behind, the report said.
The report states that if the trend continues there “would have to be a significant increase in residential infill development over the next three years if short term infill targets are going to be met.”
Importantly, the report outlines there are many areas in Perth where “there are more opportunities to undertake infill and redevelopment projects through subdivision, survey strata and lot amalgamations” where local government is failing.
The report is a damning indictment on the lack of local government effort to allow more property development.
There is also a significant opportunity for private developers, either individual or commercial, to step up and take advantage of the projected demand.
For example, the city of Stirling needed over 10,000 new units in the last 5-years, however only 25% of the supply required in that time has been met.
Subiaco, Melville, Cambridge, Nedlands, Canning and South Perth were the worst offenders when it came to new developments of Perth’s inner to middle suburbs.
Mundaring, Kalamunda, Serpantine-Jarradale, Wannerro, Murray, Swan, Joondalup, Cockburn and Armadale were all way below targets to meet demand from population growth.
You can read the latest Perth property development report here.
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