Once considered too far away to even matter, Western Australia has arguably become the backbone of Australia’s economic prosperity as our resources boom sees the state take off as a financial force to be reckoned with.
So it’s not surprising really that, according to some experts, the population in WA is set to grow exponentially over the next decade and break all previous records.
According to a Perth Now article, planning minister John Day is spruiking the need for urban consolidation in the city, with forecast population growth in the region of 3.061 million new residents by 2026.
Speaking at a Committee for Economic Development of Australia (CEDA) luncheon, Mr Day said this estimate is about 400,000 higher than a previous projection made in 2006, with the Perth and Peel region projected to grow to between 2.275 million and 2.356 million.
“It’s interesting to note that the City of Perth is actually forecast as the fastest growing local government area in WA, with an average annual growth rate of 6 per cent between 2010 and 2026,” he explained.
Not unlike concerns that plagued Melbourne, Brisbane and Sydney governments in the past with regard to containing the inevitable urban sprawl that seems to go hand in hand with such rapid population growth, Mr Day says housing all these new WA folk will not be as simple as extending the city’s existing urban boundaries.
Rather, he has emphasized the need to get behind projects like Perth Waterfront, Perth City Link, and Riverside in a bid to create much needed places for people to live and work, along with further urban consolidation across the metropolitan area.
“With an additional 28,000 people (in the City of Perth) increasing the population up to about 46,000 by about 2026,” Mr Day said.
“It does tell the story of what’s happening in Perth’s CBD, very importantly and very successfully in my view, with much greater residential population being developed in addition to the substantial workforce that exists within the Perth CBD at the moment.”
There is no doubt about the long term future for the Perth property market.
Clearly it has had a difficult few years, but this too shall pass. If you want to know my thoughts on the Perth market, join me in Perth on April 28th when I’m joined by finance strategist Rolf Schaefer and property tax accountant Ken Raiss for a one day training. Find out more by clicking here and then please reserve your place.