Once known as a ‘sleepy city’, Perth has undergone major developments in recent years and is now transforming into a bustling, contemporary and highly sought after place to live.
One topic of interest at the moment is the Elizabeth Quay development (formerly Perth Waterfront), which aims to return Perth’s focus to the iconic Swan River. This $2.6bn project, managed by Leighton Contractors Pty Ltd and Broad Construction Services Pty Ltd, consists of an impressive pedestrian bridge and a 2.7 hectare inlet surrounded by shops, cafes, restaurants and other entertainment venues. It will also house luxury short-stay and long-stay accommodation, with the Ritz-Carlton hotel being one of the first luxury hotels to jump on board. The waterfront inlet is anticipated to be open for public use in Spring 2015 (http://www.mra.wa.gov.au/).
Finbar and Hanssen are at the forefront of the commercial development drive. In addition to their work on the Springs, Rivervale project, they have also added a $60m Belmont project and a $188m Maylands project to their list of upcoming developments. BGC development’s current projects include Aloft Hotel and Tribeca Apartments as part of the Springs, Rivervale development. They are also central to the 480 Hay Street development, which includes the stunning Westin Hotel. Diploma has recently been awarded a $40m contract for the construction of TRG Properties’ Empire apartment development at Perry Lakes and an $11m Quest Serviced Apartment development on Mounts Bay Road Perth.
The 2014 budget has invested in Perth’s commercial growth by committing a Budget Capital works spend of $441 million to the Elizabeth Quay project, $1.24 billion to Perth Stadium, and $428 million to the expansion of the Museum of WA.
The property boom has also spread to the residential sector, with building approvals for new private dwellings up by 1% in the March quarter (http://www.brokernews.com.au/ ) RBA are feeling optimistic about the housing sector, stating that low interest rates have had a desired effect on borrowing, and therefore, they predict a strong pick up in dwelling construction this year.
This represents a huge transformation for Perth city, making it a more attractive tourist destination and potential place to live. Western Australia can no longer rely on the mining sector alone for economic growth. This recent shift in the market creates new opportunities for growth, through the construction and tourism sectors as well.