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Optimism over property

BUSINESSES and residents of the Midland area are quietly optimistic that the area may be improving, although after years of waiting, many want to first see things actually happening before they believe it.

According to some local real estate agents, interest in the city has mainly come from investor speculators hoping to jump on the turn in optimism for the city economy and real estate.

Rural & Metro Realty Professional real estate agent Rob Copley said many investors believed Midland would be the next high growth area because of the Government injection of money through both the redevelopment authority and the eastern horizon program which forms part of the New Living program.

Rural & Metro are exclusive agents for the eastern horizon project.

Mr Copley expects to begin marketing the first of the refurbished units within the next fortnight.

By the end of the year he hopes to have sold up to 40 properties to private owner-occupiers.

Mr Copley said that the investor market made up about 25 per cent of buyers in Midland. He believes the next sector to move in Midland will be the commercial sector.

The announcement by Centrelink to move into the Midland centre combined with talk from local traders to increase their operations would make commercial property more sought after, Mr Copley said.

Midland Century 21 principal Vince Pileggi said that once jobs started to be created in the redevelopment area the demand for local residences would increase.

“The Government seems to have put its money where its mouth is. This is resulting in renewed confidence from local businesses,” Mr Pileggi said.

He said one thing that held Midland back was the fact a lot of businesses often waited for others to commit more investment into the area.

Mr Pileggi believes that in five years’ time, Midland property prices would be substantially higher than they are now.

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