Local councils and industry leaders in the South West must articulate a vision for the region if the rapid growth is to be sustainable in the long term, according to LandCorp chief executive Ross Holt.
Speaking at the 2007 South West Focus: Building on the Boom conference held in Busselton this week, Mr Holt emphasised the need for the different interest groups to come together to develop a long-term strategic plan for the region, encompassing industrial development, property development, tourism and infrastructure.
“I don’t perceive an engagement with the region as a whole. Everyone is moving in the same direction, but it’s missing that joined-up view,” Mr Holt told a crowd of industry and community stakeholders.
He praised the City of Bunbury, headed by CEO Greg Trevaskis, for developing a city vision to manage the booming economy in and around the city.
The city’s vision, which was three years in the making and involved extensive consultation with the community, government agencies and industry, outlined the key issues faced by Australia’s fastest growing regional centre and how investment in major projects would be supported.
The region currently has almost $5 billion worth of industrial, infrastructure or tourism projects either under construction or proposed.
Property heavyweight Nigel Satterley agreed, saying a summit was needed to lay the foundations for a 30-year plan for the region’s future development.
Mr Satterley said the South West was currently a buyers’ market for property, with between 500 and 600 homes for sale in the greater Bunbury region alone.
He forecast that the sharp rise in property prices would flatten out to about a 4 to 5 per cent increase in 2007 for homes under $1 million.
“People can negotiate hard in those areas and get some good deals,” Mr Satterley said.
With a landbank currently totalling 10,000 lots in the South West, Mr Satterley said he would continue to invest around $50 million per year on more land in the region.
For 2007, he forecasts an additional 2,000 new home sites will be in demand in the areas of Dalyellup, Greater Bunbury, Dunsborough/Busselton and Margaret River/Augusta.
Yallingup will remain a millionaires’ playground, with local and international buyer interest in properties over $2 million remaining strong.
