Major funding to boost infrastructure in Western Australia

Major funding to boost infrastructure in Western Australia

As interest rates rise, the strong economic conditions and housing market affordability keep the housing demand strong.

Western Australia’s 2022-23 State Budget was released, and it includes more than $10 billion in funding for projects across the roads, ports and transport sectors.

– $1 billion funding for METRONET projects
– $5.6 billion for regional road
– $3.4 billion for metro road projects
– $507.9 million for port infrastructure updates

While historically, Western Australia’s property market has been relatively stable, the last few years have shown an upward trend. Perth is the capital and economical hub of Western Australia.

Over the first three months of 2021, CoreLogic has reported that Perth’s home value index has grown 5% – its fastest rate in 30 years. This strong performance to start the year has led REIWA to forecast WA’s housing market to continue this growth as the state is expected to grow by 15% this year.

Perth is the most affordable state capital. With this significant funding to upgrade infrastructure and high labour market demand, Western Australia presents a lucrative opportunity for investors looking for an affordable property to step foot onto the investment property ladder or add another property to their portfolio.

Are you looking for an affordable property for investment? Our team can help, contact us here.