Already a subscriber?Perth is suddenly the country’s hottest property market as interstate and overseas migrants converge with east coast investors flooding the city betting that major defence contracts will boost rents and returns.
About 60 per cent of homes purchased by clients of Sydney-based buyers agent Lakhwinder Singh are in Perth.Mr Singh said 60 per cent of the investment properties purchased by his clients were now in Perth, where relatively affordable homes close to Rockingham and the Garden Island naval base are providing hefty rental yields.
Perth’s property outperformed every capital city in the March quarter, after dwelling values increased by 1.9 per cent, resulting in an annual increase of 19.8 per cent. A Melbourne client of Mr Singh’s purchased a home in Waikiki last year, south of Rockingham, which is already being rented to a company which has a defence contract on Garden Island.Both the Waikiki home and another property for a separate investor in the nearby suburb of Port Kennedy were bought for about $520,000 in mid-2023.
The Albanese government anointed Austal as its monopoly navy shipbuilder in WA last November, and it is expected to build eight frigates at Henderson, based on the outcome of a fleet review in February. “I think we should be able to do that because we’ve never been able to give such certainty for a 20-year order book. For the first time ever, we’ll be able to offer people careers with the confidence that they could see their working life at Austal.”
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