If you currently own Investment Property in Perth or plan to in the future, please pay close attention to the following information. Research firm IBISWorld has released a report containing a series of projections about the financial and demographic profile of the “average Australian” in the year 2025. The projections are based on sound mathematics and decade-long trends, and contain crucial implications for the future. Here are what we consider to be the most important trends, and what they could mean to property investors.
Population growth: slow but steady
The current population is approximately 22.8 million, and we will see modest increase at approximately 1.6% each year, reaching 27.8 million in the year 2025. This increase will be caused by immigration, longer life expectancy, and growing birth rates. In Western Australia, we are projected to grow from 2.43 million to 3.49 million, for a rise of 7.5%, the highest in Australia. The mining industry is projected to continue on a pattern of growth and remain robust and healthy, and will be responsible for our comparatively high growth rate.
A little less work, a little more leisure: but more money
We currently work a little over 32 hours per week for an average of $1086 per week. In 2025, we are projected to work between 29 and 30 hours per week, taking home $1756. More women are expected to enter the workforce, and people will work to an older age than they currently do.
Leisure time is expected to rise from 78.1 hours per week to 78.5 hours per week, and we are projected to spend even more time on the Internet than we currently do. If we’re not on the Internet, we’ll probably be exercising, playing sport, eating out, or watching some form of video entertainment.
So, what does this mean to you?
In Western Australia, property will continue to be a sound investment. As population increases, and the mining boom continues, we see further urbanisation. We see the suburbs around Perth growing the most, as well as various mining hubs throughout Western Australia.
Call 1300 472 427 or 08 9472 1606 today to request more information. Let’s start securing your future now through property investment.