Western Australia has long benefited from the resources boom, with demand outstripping supply in many regions. With significant investments being made in minerals, natural resources and local infrastructure, there are some great opportunities to cash in on the expanding economy. Western Australia is Australia’s largest state, and home to both stunning coastlines and the outback, so there is sure to be something to suit anyone here.
The North West of Western Australia is about as far away from the rest of the world that you can get. Whilst its distance means it is not great for a short break, it makes a wonderful place to settle or have a holiday home where you spend a few months a year. This area is also booming thanks to significant investments in minerals and resources sectors. This is driving demand for rental properties, due to little supply, with high potential for long-term rentals at premium prices. Currently many businesses are operating fly-in-fly-out arrangements due to limitations on property, but this is likely to change if supply increases.
The West Australian government is also investing in infrastructure in this region, with new hospitals, defence and agriculture spending also underway. The main region for this demand is in the Kimberley, which includes the towns of Broome, Derby and Kunnunura. Broome is famous for its magnificent beaches and Derby is also located on the coast. Kununnara is located inland, and promises a true rural Australian experience. A three bedroom home in Broome can be purchased from $579,000 and rent from $400 per night, certainly making it an attractive investment
The Coral Coast of Western Australia, stretches north of Perth and is home to 1,100 kilometers of coastline and world famous marine parks including the Ningaloo Reef and Shark Bay World Heritage. Holiday makers have flocked here for decades, and continue to do so, with many holiday homes already established in the region. There are still some potential opportunities for continued growth, but be sure to do your home work before signing on the dotted line.
One such area is the large town of Geraldton that is home to a variety of industries including agriculture, mining and tourism. With several multi-billion dollar investment projects underway, and a real estate market that is still affordable, there is opportunity to snap up a bargain here. There are a wide range of properties available, and it is not unheard of to find a 3 bedroom home for $250,000 that could rent from $125 per night.
Further south there are several sleepy beachside towns where it also may be possible to find a bargain. One such town is Cervantes, with less than 1,000 people it is a small place, but close enough to Perth to make it a good weekend break. If you are looking for a much quieter pace, then it could be worthwhile taking a closer a look at some of these small villages, where you may be able to still find a bargain.
A traditional holiday spot for West Australianers has always been the South West. With close proximity to Perth, great wineries and some lovely beaches, it makes for a good weekend retreat or sea change from the city. One of the larger towns in the region is Mandurah, which has a developing waterfront region, including both canals and beachfront, making it a popular place for boating enthusiasts.
Mandurah experienced a property boom several years ago, and as a result over-supply means the region has some good bargains for a savvy investor. Just be sure to shop around and talk to the local specialists to ensure you get the best deal. A two bedroom apartment can be found in Mandurah for $260,000, with relatively new development properties available, and can rent from $155 per night.
Whilst Western Australia isn’t the first port of call for many visitors to Australia, it offers a quality of lifestyle that is hard to beat. Fantastic weather, a relaxed country lifestyle and a bustling city life if you so desire. If you haven’t visited Western Australia before, it may be worthwhile taking a holiday there for a few weeks and seeing how you like life in the great west.