Perth is Australia’s fastest growing city and combines coastal living with city apartments in a multicultural hub of activity. Despite being previously known as one of the most isolated capital cities in the world, Perth is fast becoming the business-hub of the country due to its close proximity to many destinations in Asia – which is Australia’s major trade area – as well as the fact that it shares the same time zone as 60 percent of the world’s population.
Originally developed along the Swan River corridor towards the ocean, the residential area of the Greater Perth area has now grown to almost 6,500 km2s and extends from Rockingham and Armadale in the South and East, all the way up to Joondalup in the North and Fremantle in the West. Perth is known for its large urban sprawl, meaning that a relatively low number of people are situated within quite a large Metro area. As of 2015:
- 2 million people were living in the Greater Perth area
As of 2011:
- These people lived in a total of 726,863 dwellings
- The average household size of these dwellings was 2.6 people
This population is tipped to reach 3.5 million by 2050 and majority of this population growth is expected to happen in the Perth Metro and Mandurah areas.
Perth, and in-fact the state as a whole, can attribute it’s high growth over the last decade to the large resources boom that was experienced in the north of Western Australia and brought a number of migrants and foreign investors into WA to reap the benefits. Due to this, Perth has experienced an increasing demand for housing, with an additional 13,500 new houses being built on average every year to meet this requirement.
The resources boom has undoubtedly brought people flocking to the ‘State of Opportunity’. Since 2011, 1500 new people arrive in WA per week and one in three people living in WA were born overseas – the highest proportion of any area nationwide. This ever-increasing population growth means that Perth’s property market is also one of the strongest in the country.