Subiaco – Life after AFL

Subiaco – Life after AFL Subiaco Oval has been an icon in the Town of Subiaco for many years and with the opening of the new Perth Stadium at Burswood in 2018 it will be the end of an era for the home of AFL in Western Australia. With the AFL moving to the new Perth Stadium for the 2018 season, Subiaco Oval will no longer attract the thousands of footy fans each week to the area throughout the season.…

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Property Market Update – February 2017

Property Market Update – February 2017 The Perth residential property market continues to buck the national trend with property values stagnating after declining over the past couple of years. According to the latest Real Estate Institute of WA (REIWA) figures, the median house price is $520,000 which remains unchanged compared with the previous quarter and is down 3.7% for the year. This is compared with the east coast where Sydney and Melbourne markets continues to show strong growth, particularly in…

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Activity centres offer investment growth potential

Activity centres offer investment growth potential Perth is a growing city and despite the recent economic downturn the population is still predicted to reach 3.5 million people by the year 2050. Over the years, the Perth Metropolitan Area has spread significantly outward as lower density suburbs emerged in a fairly linear pattern from north to south. In fact, some of the new fringe suburbs are close to 50 kilometres from the CBD. In an effort to curb this urban sprawl,…

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Property Market Update – September 2016

Property Market Update – September 2016 Property experts and commentators have been discussing the weakening Perth property market for a couple of years now, with sales numbers and values gradually declining across the residential market as the economic downturn in WA continues to take its toll. Looking at the figures in depth, we can see a definite split between how the housing and unit markets are faring in Perth, with units taking the brunt of the decrease in values as…

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TRANSPORT PLAN FOR PERTH

TRANSPORT PLAN NOT JUST A BLUEPRINT It is promising to see that the state government has launched a new transport plan for Perth entitled Perth Transport Plan@3.5million. Positive dialogue initiated by government in regard to transport needs is important given that how people move around is strongly linked to liveability and sustainability within major cities. It is particularly important for Perth, given a recent report by the independent statutory body Infrastructure Australia has earmarked easing congestion on Perth’s urban roads…

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PROPOSED CHANGES TO NEGATIVE GEARING AND CGT CONCESSIONS

POTENTIAL CHANGES TO NEGATIVE GEARING ARE NOT GOOD NEWS FOR WA PROPERTY Following the release of former Treasurer Joe Hockey’s tax discussion paper in March 2015, the spectre of tax reform has loomed large in Australia over the last 12 months. However, in recent months the Turnbull government has significantly backed away from any major reform moves prior the upcoming election, first cancelling any plans to increase or broaden the GST base and now stepping away from making rumoured changes…

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RECENT AMENDMENTS TO ZONINGS IN THE CITY OF CANNING

City of Canning – Zoning Amendments CITY OF CANNING IMPROVES SUBDIVISION POTENTIAL OF THOUSANDS OF LOTS IN LOCAL AREA If you own land in the City of Canning or are considering make an investment in the area, this information on amended residential density coding will certainly be of interest. The City of Canning adopted a Local Housing Strategy in October 2014 in order to guide future residential growth in the local area. The strategy was informed by a local housing…

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CHANGES TO LAND TAX

LAND TAX CHANGES IMPACT PROPERTY OWNERS When the WA State Budget was released in May this year, it was no secret that the government was looking for ways to increase revenue in order to ease the budget shortfall caused by the mining downturn. One area that was targeted (and it’s not the first time) was the property industry, where land tax rates were increased for the third consecutive year. In fact according to the Property Council of Australia (PCA), since…

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MINISTER FOR CITIES

What can a Minister for Cities really offer? QWest Paterson Chairman Warwick Hemsley offers his perspective on the appointment of a Minister for Cities and the Built Environment as well as some historical context surrounding the involvement of the Federal government in our urban centres… Prime Minister Turnbull’s appointment of a new position in the federal Cabinet that will focus on Australia’s urban centres was met with general positivity last month. The Urban Development Institute and the Property Council both…

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Property Market Update – August 2015

Property Market Update – August 2015 Our Chairman Warwick Hemsley recently presented at an investment seminar hosted by The West Australian where he outlined some sobering statistics impacting on the property market in WA. While the picture he painted of the current economic climate is pretty grim, he did offer some light at the end of the tunnel, with the bottom of the market cycle potentially in sight. There are also still opportunities out there for those with the capital…

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