Perth house prices set for biggest climb

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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Palmer puts WA project on hold due to resource tax

Mining magnate Clive Palmer says his iron ore company has put a West Australian project on hold because of the federal government’s resources super profits tax.

Mr Palmer continued his attack on the government today, saying he is prepared to put everything he has got into fighting the new tax.

He said the board of directors of his company Mineralogy decided to put the brakes on one of his planned Balmoral South iron ore projects in the Pilbara region on Tuesday due to growing uncertainty over the tax.

Source  :  www.watoday.com.au

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Brighton Estate in Butler – One of WA’s biggest construction site

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 : 

• 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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PCB secures healthy dose of convention tourism for Western Australia

The Perth Convention Bureau has secured 88 new business events for Western Australia worth an estimated US$66.6 million to the local economy.

Achieved against the backdrop of the global economic crisis, the US$66.6 million, end-of-financial-year result saw the bureau exceed its 2008/09 delegate expenditure target by US$2 million.

The events, which consist of national and international conferences, corporate meetings, and incentive groups, are expected to attract an estimated 35,500 delegates to Western Australia over the next four years.

Bureau managing director Christine McLean described the result as a “fantastic achievement” in what has been an extremely difficult global economic environment.

“This result demonstrates the resilience of the business events sector and why the state government has committed increased funding to attract high-yield visitors,” Ms. McLean said.

“In the short term, the global economic crisis is impacting on our business with reduced delegate numbers at conferences and fewer corporate reward programs being booked, but the long-term prospects for the business events sector look extremely buoyant.                                                                                                            

“In spite of all the global communication options available these days, people still prefer to meet face to face.”

A string of significant medical conferences contributed to this year’s healthy scorecard of conference bid wins.

Among these include the Royal Australian College of Surgeons Annual Scientific Conference in May 2010 (2,800 delegates); the Australian and New Zealand College of Anaesthetists Annual Scientific Meeting in May 2012 (2,000 delegates); National Alcoholics Anonymous Convention in April 2011 (1,550 delegates); and the 11th National Rural Health Conference in March
2011 (1,200 delegates).

Ms. McLean said that the events will further Perth’s reputation as a leading center of medical research excellence.

“Perth’s reputation for, and expertise in, hosting major medical and science meetings is growing internationally and will help to position Perth over rival international destinations in the future.”

Given that the bureau’s new business events target has increased to US$81 million this year, it will be critical to position Perth and Western Australia front and center in the minds of event decision-makers around the world.

The expansion of the PCB’s Convention Scholarship Program and the creation of the new Business Events Brand for Western Australia are expected to lead to both an increase in opportunities and exposure for the destination.

“The scholarship program, which has already been hugely successful in unearthing local conference hosts and bidding opportunities through partnerships with Perth universities and the city of Perth, will be expanded to run in conjunction with Perth hospitals.

“Since the program’s inception, an estimated US$46.33 million worth of meetings has been generated on disciplines ranging from environment and education to engineering and resources. By including Perth’s top hospitals in the initiative, we aim to further profile the state’s expertise in the areas of medical research and health sciences.

“Add to this the launch of the business events brand for Perth and Western Australia, which we expect will attract unprecedented international and national exposure as a business events destination, and we are in a strong position to achieve our 2009/10 target.”

The bureau has been responsible for marketing Western Australia as a destination for business events since 1972. The business events industry is the highest-yielding sector of the tourism industry, with international delegates spending six times that of the leisure tourist.

Source  :  www.eturbonews.com

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Whales Wallowing in Western Australia

The coast of Western Australia is getting busy: the whale watching season is underway and early sightings suggest that not only has the season started early, but there are more whales than there’ve been in decades. Commercial whaling in Western Australia finished up in 1963 with just 500 humpback whales left in the waters, but estimates now put the number of whales that will swim the 8,000 miles from Antarctica to the north of the state at around 17,000. Good work, whales!

Whale watching trips run all up and down the coast and from the capital Perth, too – grab a two-hour trip from Hillarys Boat Harbour for A$62 ($50), or head south to Albany for three-hour cruises that let you come on board again in the unlikely event of no whales showing up.

The only thing that seems to be growing faster than the whale population is the population of whale-watchers. Tourism peeps in West Oz say tourist numbers are growing by 15% every year so you need to hurry to avoid the crowds.

Source  :   www.jaunted.com

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WA is fastest growing state with 2.204 million people

WESTERN Australia has the fastest growing population in Australia, according to the latest figures from the Australian Bureau of Statistics.

WA’s population growth rate has hit 3.1 per cent for the year ending December 2008 – well ahead of every other state or territory.   

Next was Queensland, growing at 2.5 per cent, Northern Territory, 2.0 per cent, Victoria, 1.9 per cent, ACT, 1.7 per cent, New South Wales, 1.4 per cent, South Australia, 1.2 , and Tasmania, 1.0 per cent.

WA, along with Queensland, had the highest rate of intra-state migration, with WA attracting 6300 people from other states and territories and Queensland luring 21,200 interstaters.

At December 31, 2008, WA’s population was 2,204,000 — the fourth largest in Australia, with NSW the most populous state (7.04 million), followed by Victoria (5.36 million) and Queensland (4.35 million).

Nationally the population increased by 1.9 percent  from 2007 — the highest growth rate recorded since the 1950s and 1960s, which was boosted by post war migration and high birth rates. 

These rates compare with a 1.2 per cent growth rate recorded five years ago.

At the end of 2008 Australia’s population had swelled by 406,100 people to 21,644,000.

Of the 406,100 new Australians,  62 per cent, or  253,400, were overseas immigrants. The excess of births over deaths contributed 152,700. 

The states losing the most people to interstate migration were New South Wales (down 22,700), South Australia (down 5200) and Victoria (down 1000).

Source www.news.com.au

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Budget 09: Skilled intake cut by 6900 people

THE federal Government has cut the skilled migration intake by a further 6900 people to help protect local jobs during the economic crisis.

But it will increase the number of people allowed to migrate to Australia for family reunions, the Government said yesterday as part of Budget 2009.

In March, the Government shed 18,500 skilled migration places in response to growing unemployment, which is forecast to hit 8.25 per cent in 2009-10.

The latest cut, the second to be made this year, brings the program down to 108,100 places in 2009-10.

Overall, the Government has slashed previous planning levels by close to 20 per cent.

Immigration Minister Chris Evans said the cuts would not be made to professions on the critical skills shortage list such as IT.

The migration intake in the coming year reflects the economic climate while ensuring employers can gain access to skilled professionals in industries still experiencing skills shortages,” Senator Evans said in a statement. The Government will provide more opportunities for family reunions by increasing the family component of the migration program by 3800 places to a total of 60,300 in 2009-10.

“This boost … will benefit Australians who seek to have their parents, partners or children join them to live here permanently,” Senator Evans said.

Overall, the migration program will total 168,700 for 2009-10.

www.news.com.au

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