Perth’s economic transition!
At Perth Executive Properties we love reading about investment in Western Australia. Investment helps create jobs, boosts prosperity and diversifies the economy. With the reduction of capital expenditure in the mining industry the state government has moved the focus back towards tourism. With this change the private sector has invested billions of dollars into future hotels, apartments and shopping centres.
At the moment, there are over 15 major hotels with 2,631 rooms, 40 large scale apartment projects and $4 billion worth of shopping centre upgrades planned or underway.
Momentum wealth managing director Damian Collins commented “While these developments will create tens of thousands of jobs and buoy the Perth economy in the coming years, many of these projects will also enhance amenity in local communities, which will help to drive demand and prices for nearby housing,” Collins said.
“Although some of these apartment, hotel and shopping centre projects have started, the research report shows that the large majority of works are still ahead of us and will be completed over the next 2-4 years.
Looking at the tables below Perth’s economy is transitioning and this is great for the city and surrounds! Thanks to property observer and momentum wealth for the data.