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The median price for a Perth house will pass $600,000 within three years as the city’s property market reclaims its title as the strongest and fastest growing in the country, a new report predicts.

The BIS Shrapnel residential property report forecasts house prices in Perth will climb an average 7 per cent a year for three years, pushing the median price to $610,000 from $500,000 today.

No other capital is expected to enjoy such strong capital growth, with even higher interest rates unlikely to slow the Perth market as much as others.

Senior project manager Angie Zigomanis said even though the Perth market slowed before other cities in 2007, conditions were improving on the back of another resources boom. Money flowing from commodities would soon push up house prices across Perth.

“With prices below peak levels in real terms and income in Perth set to grow substantially as the next round of resource expansion projects get up and running, solid price growth should continue,” he said.

“Nevertheless, further increases in interest rates will prevent the boom in prices that we saw in the last upturn.”

Mr Zigomanis said the median house price would climb 22 per cent by the middle of 2013. This growth would be quicker if the Reserve Bank did not increase interest rates in the next six to 12 months.

Growth at that rate would surpass other capitals such as Sydney (up 20 per cent), Melbourne (11 per cent), Brisbane (12 per cent), Adelaide (20 per cent), Hobart (12 per cent), Canberra (14 per cent) and Darwin (12 per cent).

House prices climbed rapidly through the second half of last year and into the first four months of this year.

Mr Zigomanis said this was directly because of record low interest rates in response to the global financial crisis and a “pull forward” of demand from the first-homeowner’s grant. Not only would house prices outpace inflation, they would affect rents.

“Even though overseas migration inflows are steadily easing, a deficiency of stock is still in place with dwelling construction below underlying trend,” he said.

Recent Australian Bureau of Statistics figures show a fall in loans for people buying homes but an increase in loans for investment properties. Financial market analysts do not expect official interest rates to rise until May next year.

source  :  www.thewest.com.au

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One in two West Australians believes there will be greater skills shortages and more pressure on house prices compared with the last mining boom, the latest Westpoll has found.

The results revealed 53 per cent of those surveyed thought there would be more pressure on a housing price bubble and skills shortages than last time, while 32 per cent believed there would be the same level of pressure.

Just 9 per cent of those polled said there would be less pressure.

“There is a clear community expectation that there will be quite severe skills shortages in WA and, perhaps of greater concern, a view that there will be an upward pressure on housing prices,” pollster Keith Patterson said.

“This may lead to significant levels of speculation in housing in the anticipation that values will surge as the resources boom unfolds.”

Australian Manufacturing Workers Union secretary Steve McCartney said the community was right to be concerned about increasing prices.

“I think lower paid members of our community should be concerned because sometimes the benefits of those booms don’t filter down to the low-paid workers,” he said.

Construction, Forestry, Mining and Energy Union spokesman Gary Wood said he did not believe there would be more pressure as the WA economy improved.

“There might be the perception put out by the likes of the employer associations so they can attempt to justify the use of overseas labour but it needs to be fully demonstrated they are not just a propaganda war to bring in overseas labour,” he said.

Opposition Leader Eric Ripper said the Government needed to demonstrate a sense of urgency over labour supply, training issues and housing.

“The experience of the last boom was that house prices rose and rents rose and there were skills shortages which made life difficult for small to medium enterprises,” he said.

“The Government is not ensuring that enough housing lots are released.

“The industry is not building enough houses.

“We are storing up a problem for the future.”

Premier Colin Barnett had previously said there was a need to attract more skilled workers to WA and there needed to be more mobility of workers between States.

Deputy Prime Minister Julia Gillard said last month that interstate and international migration was needed to help fill future job vacancies. 

Source  :  www.thewest.com.au

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The Kwinana Freeway extension and Forrest Highway has officially opened three months ahead of schedule.

The Minister for Immigration and Citizenship and Senator for Western Australia, Chris Evans, said the new 70.5 kilometre road was one of the largest road infrastructure projects ever undertaken in Western Australia.

Representing the Federal Government at today’s opening ceremony, Senator Evans said the opening marked the culmination of more than five years of work, including almost three years of construction, to deliver this vital piece of infrastructure.

‘It’s a great day for the south-west,’ Senator Evans said at the opening.

‘In particular, I congratulate the Southern Gateway Alliance, as well as the 3000 workers and more than 1000 local suppliers and subcontractors involved in building this road, on a job well done.

‘I would also like to acknowledge the former Federal and State governments for getting the work started on this vital piece of infrastructure for the people of Western Australia.

‘For the first time ever, motorists will be able to travel on a continuous dual carriageway from Perth to the fast-growing communities in the state’s south-west, bypassing the heavily populated areas of Mandurah and Dawesville.

‘The new road will provide better driving conditions and cut travel times by up to 30 minutes for the 30 000 motorists expected to use it each day. It will also take the pressure off other routes, including the Old Coast Road and South Western Highway.

‘Over the longer term, it will promote economic development across the region – which in turn will create even more job opportunities within local communities.’

The $705 million project was jointly funded by the Federal ($330 million) and Western Australian ($375 million) governments.

The Rudd Labor Government is investing $3.4 billion over six years to modernise and maintain the State’s road and rail infrastructure – an investment that will deliver significant benefits for both the Western Australian and national economies.

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WA has led the charge with a rise in building approvals in June, fresh figures reveal today. 

There was a 21.1 per cent rise in building approvals in WA last month, compared to a national rise of 9.3 per cent.

But the recovery followed an 11 per cent decline in May, taking the latest tally of 11,086 new construction projects to a level lower than where it was in April.

Still, the latest monthly increase was stronger than a market forecast for an eight per cent rise.

Approvals in the volatile apartment-building sector surged 27.7 per cent while detached housing numbers increased by a much smaller 4.9 per cent.

On an annual basis, overall building approvals are down 14.3 per cent.

Apartment building approvals are also 45.7 per cent weaker compared with a year earlier.

Construction activity was also more robust in Victoria, where approvals rose by 17.4 per cent, followed by an 11.3 per cent increase in South Australia.

NSW had a more modest recovery of 3.4 per cent.

Building approvals went backwards in Tasmania, shrinking by 7.6 per cent, and Queensland, which suffered a 1.9 per cent decline.

Source  :  www.thewest.com.au

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Butler is said to be the biggest construction site outside the mining sector.

The Brighton estate is more than halfway complete, now offering more vacant lots for a total of $8.4 million. The largest block for sale is almost 16,000sqm in Captiva Approach, near Lukin Drive which is $3.25 million. Property developer Nigel Satterley said this block would be zoned mixed business allowing for multi-purpose use.  Another site overlooking the park in Brampton Avenue which is 6664sqm mixed used lot at $2.1 million.

Mr Satterley said the North-West-Metropolitan sector is the third fastest growing area in Australia for housing.  In the Brighton Estate there will be 6300 residential lots and eventually a population of 28,000 people.  It is the biggest project ever to be lodged under the WA Planning Commission’s Liveable Neighbourhood community design codes.  The plan includes 55 parks, artificial lakes, shopping village and community facilities.                                                                                                                     

The other lots up for offer are : brighton%20crop

  • 5335sqm on Chipping Crescent, zoned business $1.1 million.
  • 3553sqm on Kingsbridge Blvd mix of commercial and residential use classed as centre zone $790,000.
  •  More information call 9562 0422 or 0418 953 659

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High profile national infrastructure group
• Attractive Salary Package $$$

Our client is one of Australia’s leading infrastructure engineering groups, involved in delivering key projects across Australia as well as overseas. They operate in civil, marine, rail, pipelines and mining infrastructure and have a reputation which is second to none.

Opportunities exist for intermediate to senior estimators to join their highly professional team in Sydney, Perth, Brisbane and Melbourne.

These appointments will suit an experienced engineering professional with proven experience in estimating and cost planning of civil construction.

We are interested in talking to enthusiastic Estimators seeking to relocate/return to Australia & who can demonstrate the following:

• Tertiary qualifications in a related discipline
• Solid estimating experience in the construction or building industry with sound costing analytical skills
• Experience in any of the following sectors: Civil, Marine, Rail, Pipelines & Mining Infrastructure
• Proficient in planning, organising and working to time lines
• Strong communication skills and capable of enthusiastically engaging others
Our client offers exciting projects Australia-wide and an opportunity for you to work with like-minded professionals. Working within a team and independently you will make a contribution to your field of expertise.

An attractive salary is on offer with assistance in relocating to Australia. Individuals with visa plans in place or Australian PR/Citizenship will be highly regarded.

If you are relocating to Australia now or the near future and wish to discuss these opportunities further please call Jo Mount in our UK office on +44 (0) 7966 718 442 or Tara McLaughlin in our Australian office on +61 (0)3 9654 9646.
Alternatively send your CV outlining your project experience to date to apply@valuableresources.co.uk.

Take your skills to the world, Go Global at http://www.valuableresources.co.uk
All applications will be treated in confidence.

Source  :  www.expatengineer.net

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