Outer suburbs such as Alkimos, Baldivis and Ellenbrook are continuing to account for most of the growth in Perth’s population while inner suburbs like Mosman Park and Subiaco are shrinking, despite long-standing policies to boost urban infill.
Lendlease’s Australian Prime Property Fund Industrial has added a second Western Australian property to its portfolio, investing $4.1 million in an industrial property in Gnangara’s Northlink Industrial Park.
Residents will start moving into Far East Consortium’s premium apartments project The Towers at Elizabeth Quay before the end of the month, with the Hong Kong-headquartered developer shifting focus to its Perth Hub at Perth City Link as its Ritz-Carlton Hotel also nears completion.
Aged care group Rosewood has appointed Pindan for its latest build, a $70 million facility to be built on Cleaver Street in West Perth that will include a restoration of the heritage-listed Florence Hummerston Lodge.
Leasing success at The Quadrant on William Street has continued a trend of city fringe and suburban tenants moving to the Perth CBD, while options for firms with large space requirements have become increasingly scarce.
Perth recorded 1,609 lot sales for the September 2018 quarter, up by 8.5 per cent for the quarter and 2 per cent from a year prior, according to the latest Housing Industry Association–CoreLogic 'Residential Land Report'.
Residential property values in Perth are likely to continue to fall throughout 2019 before bottoming out in 2020, according to CoreLogic analyst Cameron Kusher, continuing the longest and largest price correction in the city’s history.