WA is projecting strong long-term population growth which is an important indicator positively supporting Perth’s property market, both in terms of property values and rental returns.
In 2017, Australia placed fifth in the world amongst 36 countries for having one of the highest population annual growth rates of developed countries at a rate of 1.6%. This is highly laudable when compared to the United States or the United Kingdom which only recorded a mere 0.6% rise. Western Australia experienced a solid annual rise of 1.6% between 1992-2004 and is currently sitting comfortably with a 1.1% annual rise.
WA’s strong population growth needs to be supported by solid strategic planning by the State Government to cater for density and ensure appropriate infrastructure and policy settings to accommodate the growth.
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This is a summary of the article “The importance of Perth’s long term population growth” by Ronald Chan, Chief Operations Officer. Finbar Group Limited | The West Australian | Monday, 9th March 2020.