Property prices stir after Barnett win


A Liberal win at the state election will mean a boost in real estate prices for some Perth suburbs according to Perth real estate agent David Hobbs.

Professionals real estate chief executive, Mr Hobbs said the MAX light rail, the airport rail link and new Perth stadium would mean more interest from buyers in the areas these projects are planned for and therefore increases in property values.

Labor proposed to relocate the stadium project back to Subiaco but the Liberals' success at the polls means the plans for the stadium to be built in Burswood will go ahead.

"We've already seen it in Burswood in just about every high rise unit, there is a lot of interest in them with the prediction of the stadium and the railway to go through, investors are snapping them up," Mr Hobbs said.

He said increased activity from buyers had been noted in the area in the past two months.

"There's been a real drive in properties east of Perth with talk of a rail link going through, that'll flow onto a number of areas near the airport."

Mr Hobbs said house prices in Burswood as well as suburbs along the proposed light rail route to the north of the CBD including Mirrabooka, Nollamara and Dianella would increase three to five percent in the next six months as a result of the now confirmed projects, on top of the increases for Perth property already predicted.

"I think prices will rise, when there is demand, you get increased prices," he said.

Mr Hobbs said while the rail projects and the stadium were still five years away from completion, people looking at buying property would already be taking them into account.

"Investors forecast for five years down the track, you don't just go in for a year or two," he said.

Mr Hobbs said train stations nearby were always a positive for buyers.

"Access to the city makes an area more attractive for people, especially those who work in the CBD," he said.

Mr Hobbs said often people preferred trains over buses.

He predicted further price increases in suburbs close to the new projects across the next few years.

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  • This story Property prices stir after Barnett win first appeared on WA Today.