Perth has been the city of growth and studies have shown that it is set to double in population by 2050 and this could mean good things for homeowners and landlords in Perth CBD. While the city will need to make some drastic changes to city plans, not to mention there will be a major increase in congestion and Perth’s urban foot print, this could lead to some positives for the property in Perth. For home owners, this will mean that the prices of houses will inflate and as a result so will the equity of their homes. This will especially be the case for those with houses or apartments in Perth’s CBD as this will be where majority of populace move to for work. While the CBD real estate market will be booming as seen with other cities across Australia, these benefits will trickle down to surrounding suburbs for those who do not like living amongst the busy city, have a family or simply cannot afford to live the city life. The growth in Perth’s population will lead to job creation and effectively more people commuting to the city for work, see this property management agency. With more people needing to live in the city or near the city, this will mean that rental real estate agents will be very busy finding places for people to live.
Due to a rapid increase of population and as result an increase in housing prices, there will be a lot of people who will be moving to Perth’s CBD and looking to rent close to work. While this is the case it is also worth taking note of how big the growth that has been predicted will be and the potentially negative turn it could have on the city. As mentioned traffic and other factors such as the city’s urban foot print will be an issue but in regards to real estate, prices may become unaffordable in Perth’s CBD as will the cost of living. As with all changes in a city, some will be negatively impacted and some will prosper. Perth has always been a city that is growing rapidly as the years go by but the rate at which it is growing has become quite substantial and the city is going to have to accommodate, also see this great residential landlords. Plans will need to be changed to cater for the demand of the population to avoid the problems being dealt with by the likes of busier cities such as Tokyo, London or New York to name a few. Overall there will be many benefits and downfalls in the growth of Perth but as always the city will adapt and the housing market will continue to grow. To manage this there are plans to develop the surrounding suburbs of Perth’s CBD which will mean that overall these outskirts will be the ones to benefit from the continued growth of this rising city.