Perth is set to see a rise in available land and housing supply after the government recently announced it will be developing one of the city’s suburbs.
Four lots of land were released by the government in Midland, an outer suburb of Perth, valued at approximately $5.5 million. This land was sold to developers who will produce short-stay accommodation, affordable housing and other types of mixed-use development for the area.In bringing commercial and residential real estate opportunities to the suburb, the development will also supply many jobs for local residents, providing growth for the local economy.
Commenting on the release of land, Planning Minister John Day said it’s a signal that Midland has the potential for being a “major residential, commercial and entertainment hub for the east metropolitan region”. At the same time, recent land sales in the area have shown just how popular Midland has been and signals strong investment conditions and future development potential.
Other development projects are also on the way, including improvement to local infrastructure and community facilities.”Midland is experiencing a renaissance with state government and private sector investment totalling more than $1.5 billion including works at the historic Workshops precinct, construction of the Midland Public Hospital and a review of the current Midland master plan,” said Mr Day in a March 20 statement.
Development for Perth
Over the last year, Perth has seen a number of developments begin in order to improve infrastructure and make the area a more desirable place to live and invest.
Designs for the Perth City Link were announced in December last year, which will provide improved transport facilities and more commercial and residential real estate opportunities in the city. Once complete, the project will bolster the state economy, while turning this city precinct into a vibrant area to live and work.
In addition to this, the City of Perth is undergoing infrastructure works to “ensure the provision of services for future generations”. Upgrades to power, water and gas and other utilities will be performed in order to provide essential services to the growing number of residents in the Perth region.
Streetscape upgrades will also occur, including the installation of lighting and security systems to provide improved and safer public facilities for residents and visitors in the city.
Development projects such as these can not only create a stronger economy, but can affect housing demand and values in the area too. Whether it’s a commercial or residential real estate investment, real estate in Perth could be a valuable addition for any investor.