We hope this 2023 update finds you well. As we dive into the month of October with November around the corner, it’s time to take a closer look at the state of residential land developments in Perth, Western Australia, over the last quarter.
The real estate market continues to show resilience, adaptability, and growth despite various economic challenges and uncertainties. The past quarter has seen a steady increase in residential land development activity across Perth, reflecting a robust demand for housing.
(Photo credit – Linic Group’s development ‘Cygnia Waters’
Several key trends include:
Increased Subdivision Projects:
Perth has witnessed a surge in subdivision projects, particularly in established suburbs and on the outskirts of the city. Developers are capitalizing on the scarcity of available land in prime locations by subdividing existing properties into smaller lots.
Land Scarcity in Prime Locations:
The demand for residential land in well-established and well-connected suburbs remains strong.
Emerging Growth Corridors:
The development focus has expanded to emerging growth corridors in the outskirts of the city. We are seeing future stages of Greenfield developments start up again and race to get titles ready as soon as possible.
Sustainable Development Practices:
There is a growing emphasis on sustainable development practices, including the incorporation energy-efficient designs and eco-friendly infrastructure. We are noticing an increased priority placed on sustainability and environmental considerations.
The Western Australian government continues to invest in infrastructure projects that are aimed to improve connectivity and accessibility in various regions with improved transportation links.
(Photo Credit – 28 Station St Cottesloe)
As we enter the fourth quarter of 2023, Perth’s residential land development market appears poised for continued growth. Vision Surveys Consulting team have been busy with plenty of projects in the residential (land and apartments), commercial and construction spaces.
The residential land development market in Perth is showing resilience and adaptability in the face of various economic challenges. Investor Interest: Investors (Local, Interstate, and International) continue to view Perth as an attractive market, both for rental properties and land development opportunities.
(Photo credit – Victoria Estate in Lake Coogee)
Our friendly team remains committed to being your partner in your subdivision and property development journey. Please feel free to reach out to our team if you have any specific questions or require further assistance with your current or future project at firstname.lastname@example.org or call (08) 6144 0000.