Property growth set to continue

WA’S property market is expected to maintain strong growth over the next 15 years, with a State Government report indicating an increase in household numbers of almost 50 per cent by 2016. The increase from the 1996 census base-year shows that by 2016 WA will be home to almost one million households and a population approaching 2.5 million.

The projections, outlined in the Western Australian Planning Commission’s newly released Population Report, reflects the expectations that households will continue to get smaller as a result of shifting demographics, increasing divorce rates. and an increase in the number of single people.

This means that, while the WA population is forecast to grow at a rate of 1.6 per cent to 2016, the number of households is expected to climb an average 2.1 per cent during the period.

Development in the Pilbara and the South West is expected to result in an influx of new houses.

Perth is expected to decrease its share of the State’s total households. from 73.8 per cent in 1996 to 72.9 per cent by 2006 and 71.9 per cent by 2016.

The highest average growth rate for dwellings is expected to come from the Kimberley, with growth of 3.07 per cent per annum, followed closely by the South West with 3 per cent growth.

Projections reveal that the number of households in the Kimberley will double, from 7,700 in 1996 to 14,100 in 2016, while the South West will be the only regional area with more than 100,000 households – 127,400 by 2016.

Serpentine-Jarrahdale is projected to enjoy the strongest growth in households – 188 per cent from 1996-2016; Wanneroo, 187 per cent; Swan, 138 per cent; Armadale, 45.5 per cent; and Rockingham, 99 per cent.

p See page 12 for REIWA’s property expectations for 2002-03.

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