Perth ranks amongst the top three most important centres of corporate power in Australia, and is the only city with a greater number of Listed Companies since the onset of the Global Financial Crisis (GFC). Without doubt, Perth has reached a very interesting time in its evolution. Record growth and exciting new key resource and urban infrastructure projects are ensuring the city is a vibrant place to live and do business. Western Australia is a State of substance on the international stage and is keen to engage more and warmly welcome investors with an interest to participate in our bright future development and continual expansion.
Key elements for investors
Open, dynamic economy built on strong international investment. Ideally positioned to access every significant market in Asia, Australia, the Indian Ocean and beyond, offering great benefits to businesses trading in the region.
Sophisticated services sector, increasingly integrated with the emerging economies of Asia.
Attractive, stable, low-risk destination, resilient banking system and strong prudential and regulatory regimes.
Access to industrial sites near Perth and in regional centres and high quality serviced commercial and industrial land and buildings available for sale or lease through the private market.
Outwardly focused business culture, adoption of e-commerce recognizing potential of emerging knowledge-based industries. Warm, friendly, uncomplicated way of life complementing a sophisticated and profitable globally-oriented economy.
Open, relaxed and multicultural environment, an affordable way of life in a Mediterranean type climate, with world class beaches and vineyards. Excellent airline links with airport capacity in growth and expansion.
Growth in difficult economic times
Western Australia is one of the few developed economies in the world to have made a quick recovery from the effects of the Global Financial Crisis with the Chamber of Commerce and Industry forecasting its economy to grow 4 per cent next year and nearly 6 per cent in 2011-12. Business investment will continue to be the key driver of the WA economy with growth expected to exceed 10% by 2011-12.
Short term prospects are good, with a rebound in business and consumer confidence, improved operating conditions, and a more positive global economic outlook. The economy is tipped to defy international trends and continue to grow during the global economic crisis on the back of resource and agriculture exports. The turnaround in WA’s economic prospects is being largely driven by increased levels of business investment and renewed international demand for the state’s key commodity exports.
Recognised as Australia’s economic powerhouse with A$170 billion of private sector investment projects in the pipeline, the State’s resilient economy and contribution to Australia’s prosperity is underwritten by sustained growth through its resources sector and positioning as a global energy and minerals hub.
This positive economic outlook, coupled with strong population growth forecasts, is creating a range of property development and investment opportunities across all property sectors across Western Australia. The hotel and short stay accommodation market in some parts of the State is severely undersupplied, commercial property prospects are improving due to the resources resurgence and residential markets are already well into recovery mode.
Recent relaxation of foreign investment guidelines allows foreign ownership of established hotels or commercial properties with a value of up to A$50 million. Investments in excess of A$50 million are considered upon application to the Foreign Investment Review Board. Investment in vacant commercial or residential development land is allowed subject to application.
Tourism and hotel investment
Western Australia is a robust and stable economy and whilst traditionally known for its mining and resources sector, recognition is growing of the State’s tourism industry as a key economic driver. Western Australia is unique and offers some of the world’s best nature-based tourism experiences, and as a ‘window’ to the Asia-Pacific region, the business environment is highly regarded by the international business community.
Confidence in Western Australia’s tourism industry is strong with billions of dollars in tourism development and infrastructure improvements planned around the State in the next few years.
In particular, the Perth hotel market has experienced the strongest sustained period of room rate growth and occupancy out of the ten major Australian hotel markets and continues to enjoy double digit RevPAR growth anticipated to continue over the next five years. Listings of the current range of CBD and regional accommodation development opportunities are readily available on the Tourism Western Australia website or by contacting us directly.