How many more years of pain for the Perth market?

Yup commercial is major hurting. I know people love commercial and think it's all high yield and no worries - well they should be paying attention to the current market. Owning property is not a bed of roses whether it's commercial or residential. It's a fickle beast.
It will be interesting to see if there is any market movement from the lowering of interest rates. I think we'll see some FHOB move into the buying market which may further hurt the rental market.

 

I can certainly see Perth 'doing an Adelaide' for a while.

 

Imagine sneaking across to Madagascar with a lasoo and a couple of tug boats and dragging it back next to Rotto for an alternate to Bali.

Imagine just piling up some debris on top of the Stirling Ranges to a height of 4,000 m so we can have W.A ski resorts.

 

Or maybe shift the refugee detention to Perth instead of offshore...that should provide close to a billion per year to the WA economy and still save money for the federal government.

 

There's already a few detention centres with lovely criminals and razor blade swallowing that provides a lot of jobs for locals. But i think the processing centres you speak of might be off shore for a reason, as they off Australian soil

 

CF+ at $380/week. Is that CF+ on purchase price or borrowing?

 

Such a loss by outsourcing....almost a billion dollar per year to an economy in need, when the same can be done here.
If youth detention centers in NT are any guide, there is adequate dehumanizing capability, skills and creativity onshore for deterrence.

 

More like Adelaide for that.

 

Seeing as nobody can complete the census, no one is going to know these population stats...

 

CF+ on borrowing, not on purchase price.

 

Having spent a great portion of my time in Asia, I must comment that it puzzles me sometimes why WA has landed itself in such a situation..

Compared to many countries in Asia or even other states in Australia, WA has a competitive edge in attracting visitors to visit it. Perth is the nearest Big city in Australia to almost anywhere in Asia. From Singapore, it's just 4.5 hours from it! To Asians looking to experience that bit of Australian life at the shortest travelling time, Perth is it!! Imagine if Perth is to attract just a tiny fraction of Asians to visit the city or WA, the whole tourism industry would have boomed!!! And trust me, many Asians held Australia in High esteem and a trip here would have been a "dream accomplished" for many of them. Why isn't this potential fully realised?

Rather than dwelling on the "lack of demand" for WA's resources, why doesn't the WA state govt do more to attract overseas people over to spend money and boost the economy? There are simply so much in offer here to easily contain millions of tourists or students!!

Forget about other industries like manufacturing, the labour costs in WA or Australia as a whole is too high to make manufacturing anything here cost competitive.

It's only when the economy is doing well will we see a healthy and sustainable growth in Perth's property market again. Unfortunately from how things are happening now, I do not see this happening anytime soon.. Perth certainly doesn't deserve this. It should be doing way better than what's happening to it now.

 

I settled last week and have a tenant moving in this weekend on a 12 month lease. Its going to be a development site in 4 months as well. Tenants are fully aware of whats going to take place. Have discounted rent for the area as a compromise.

Im quietly positive with my intended strategy that I plan on rinsing and repeating.

 

I believe the WA government is turning to this and will be advertising heavily into these markets. If not they should be!

A lot of these tourists / students hopefully will become residents in the future.

 

With the right property, it's all good. My property is not the right property sadly. It was meant to be a PPOR that never happened. Thinking of selling it.

 

Thats ^^^^^ the absolute key, no pun intended.

Plus have a value add strategy of one form or another.

Will keep looking and networking for a solid 6 months and see what comes of it.

@Jess Peletier sorry to hear that it didnt go as planned as happens to most of us somewhere along the road.

 

Absolutely - we still did fine with this as it was a split and build, so not a complete train wreck but life happens sometimes! Decided we'd rather live by the beach

 

I love the beach. Will live on one oneday.

 

Agree with this - Perth isn't capitalising on its proximity to Asia. No reason why they can't invest in the foodie, small bars and arts scene like Melbourne.

And weather and beaches trumps Melbourne by a country mile. Alas, it needs some big thinkers in the State Govt which are probably lacking.

Just need to do something about its shark problem and voila!

 

It doesn't puzzle me. It's as simple as this... with the mining dollars rolling in and too long since the last recession, no one could be bothered planning for what would happen at the end of the mining boom.

The potential is almost completely untapped because in the past there was no need to tap it. Now there is a need but the fundamentals aren't in place and will take a while to ramp up. It's a shame because this is a missed opportunity.

Absolutely!

 

The last big investment for tourism in Perth was for the Americas Cup in 1987. During this time we got a revamped Fremantle, Observation City in Scarborough, Sorrento Quay, Hillarys boat harbour, Mindarie Quay, Atlantis Marine park, Burswood Casino, Adventure World, Joondalup Golf Club and The Vines.
Not all these were met with open arms, Observation City had bomb threats.
The decade of 80s had some major builds for Perth and all but 1 of these tourist spots is still open.
Perth is perfect for tourism and we need to capitalise on it more.