Despite the economic downturn and relatively quiet property market conditions in recent years, Perth has continued its transformation into a more vibrant, connected and cosmopolitan city.
As market conditions improve, we are starting to see a number of major projects edge closer to completion, which is very exciting for residents and visitors to Perth. It is also encouraging news for the Western Australian economy more broadly, due to the positive flow-on effects to a range of industry sectors including construction, hospitality, tourism and retail that these projects will have.
The West Australian highlighted a number of these significant projects recently in a ‘Perth Projects to Watch’ story in the Commercial Property Report.
In the CBD, there is UDIA Award for Excellence winner Elizabeth Quay, as well as Perth City Link, both of which are offering improved connectivity and more amenity within the city.
Perth City Link is providing much-needed connectivity between the CBD and Northbridge, while Elizabeth Quay is giving access back to the river from the city after years of isolation.
An integral part of Perth City Link is Yagan Square, which has the potential to act as a central hub like Federation Square in Melbourne.
The scale of the individual projects within these areas, such as the new Ritz-Carlton, retail and office spaces, as well as residential accommodation, are significant and will ensure Perth can take its place as a major player in the global market.
Riverside and Waterbank in East Perth are also clinching the transformation of this once derelict industrial part of the city into a vibrant place that offers access to the city, river and entertainment precincts such as the new stadium.
The pedestrian overpass from East Perth to the stadium will provide excellent access between these two locations, hopefully achieving similar success to the multiple pedestrian overpasses available to access the MCG and Adelaide Oval.
It would also be great to see the connectivity of these areas further improved with a ferry service.
Outside the CBD, Scarborough is undergoing a major facelift and should provide a great example for how we can achieve positive results in coastal development and ensure better access and amenity in certain nodes along the Perth coastline.
The urban renewal program in Midland is another example of how providing a better mix of housing types, a mix of uses and improving facilities and access to transport can increase the value and attractiveness of an area.
Overall, the range of development that is happening in and around Perth is positive news for homeowners and potential buyers.
For property owners, the value of your assets in Perth will benefit from increased access to quality amenity and services, while for potential buyers there is a growing diversity of locations and housing types becoming available in these areas.
(Article source: The West Australian)