Perth - Start of New Boom 2011 ?

Hi

Perth's last boom was in 2005/2006. I'm curious...

When do you think Perth will boom again?

I'm thinking it will start to recover in 2010, but when do you think it will start to pick up speed? Or is it too hard to tell at this stage?

I think the timing of Perth's recovery will co-incide nicely with where i'll be at financially. I will have enough for a deposit in 2011 and I'm expecting values to start increasing steadily from 2011 when I buy into the market again.

Where is Perth at?

:)
 
if your not set by the end of 2011 for the next run past 2017-2020 then you will miss out australia wide...

that is my firm opinion..no rush yet to dive in again for me but just sit on the sidelines and watch unless gems popup..

there is going to be some great deals on offer over the next 12-18 mths for genuine investors and property traders as the economy tightens.....
 
People are still saying/expecting property prices to drop further in the next 6 - 12 months.
I will still buy one if I can get a really good bargain.
A friend of mine that owns a real estate agent said that he hardly get a call now days except for rentals.
He also said he gets offer 25 - 30% below the asking price and it is not uncommon.
 
A friend of mine that owns a real estate agent said that he hardly get a call now days except for rentals.

there's a saying in real estate, "somebody is going to do the business, it's just a question of whether it's you or the next guy". the point being, real estate is turning over quite healthily, so if he isn't putting the deals together he needs to consider who is and why. is he new to the industry? I do have concerns that many REAs had it easy over the last few years and became order takers, not sales people.
 
Hi Kim

I thought the last Perth resi Prop Boom started in 2001 and peaked at the end of 2006.

Anyway, when will Perth see another boom, have no idea though I still think there will be further lows in property values.
Seems many of the property gurus have mentioned 2011 will be the year that Syd/Melb takes off, so I think we will be some time off this, hope I am wrong.

good luck, MTR
 
hi folks,

so there is general consensus that Perth will begin to 'pick up' in the next few years... sounds like all is well and good. but one thing i would like to ask is why? employment? mega spending in the state? high demand for homes/rent?

:eek:
 
When do you think Perth will boom again? ... and I'm expecting values to start increasing steadily from 2011 when I buy into the market again.

With the greatest of respect, that is not a question you should be asking here.

Why?
Do you read any of the polls done on here? I imagine you do since you have a number of postings.
Whenever members do polls on:
- Guessing the RBA IR rate, the bulk of responders get it wrong.
- The continuation of the FHOG/B - no-one predicted what was actually announced in the budget by Mr Swan
- The direction of IRs going fwd (done in 2007) the vast majority was for UP when the reality was they went DOWN

and here you are asking (polling if you will) the forum members on where Perth will be 2 years hence :confused:

As Sir Humphrey said to the Prime Minister: "'This would create a dangerous precedent'. Translation: 'If we do the right thing now, we might have to do the right thing again next time'."
 
Just looking back over some old threads I had started and found this one from May this year.


Things have changed a bit since then havent they!! :D
 
Perth will only be going up from now, with the Gorgon project and other mining projects kicking off next year Perth will be booming, the world has gone through the worst financial crisis in 70 years and over valued property prices dropped by 5-10% in value for 10 months big deal. Buy now.
 
the Gorgon project and other mining projects kicking off next year Perth will be booming


I'm not so sure Gorgan will have the massive impact I'm hearing, sure it's going to take allot of people to get it planned, engineered, fabricated and installed.

But lets break this down and use another example like BHP RGP5 project(albeit it's only 6-7bn).

Some engineering in Perth, majority in USA and Santiago.

Some fabrication in Perth, other modularised in China (still to happen).

Installation with reduced manning due to modularisation strategy.

It's fair to say Gorgan and Woodside projects could also follow the same formula especially the fabrication and installation there just isn't enough people and workshops in WA to build this much infrastructure.

I believe from a rough count there is over 100bn in projects due to be completed over the next 5 years in WA, they will have a big impact but just how much?

Mark
 
I'm with Mark ^

I often hear people from outside the resources industry touting Gorgon as some sort of 'saviour' project... unfortunately I spent much of the year unemployed and got sick of idiots telling me that things would be OK because I can always "go and get a job on gorgon"...

Doing what, I have no idea :cool:

The reality is that Perth is not (yet) a centre of excellence in petrochemical process plant design, and that the Gorgon design is being done overseas (Houston? London? probably) and the fabrication most likely modularised in a low-cost centre in SE Asia like many other projects. The benefits to WA will be down the line during construction and operation... but much of the initial work and spend will be foreign.

What Perth is, however, is an increasingly important hub for the design and management of most other resources projects - local, regional and global. This means professionals, equipment manufacturers, fabricators, materials suppliers, clients etc. all choose to be located here.

In my work I get to see all sorts of resources projects, present and future being studied and costed, and this gives me great confidence for the underlying reasons for the ongoing propserity of Perth into the future:

- Massive mineral wealth, much of it as yet un-tapped
- A huge industry, with specialist expertise, supporting the above
- High foreign demand for our expertise, for other projects
- High skilled migration, see above

PLUS... its a great place to live!

KABOOM!
 
i must admit i dont know a huge amount about the mining sector, but i do work in the transport industry and deal with about every industry out there.
while parts of gorgons infrastructure will be built o/s you need to keep in mind perth has heaps of little cogs in the big machine. from little engineering shops to sling/rigging suppliers to electrical wholsalers to surface treatment and repair business's they all have their place and are needed in the big picture. Companies that sell fasteners, stainless steel pipe and all that can only get a lot busier and it has a follow on effect as more sales equal more money/staff/wages which then gets spent on cars, toys, property and holidays.
Mind you i could be wrong.
 
lets get one thing straight.

Gorgon is a massive single investment.

BHP and RIO and Woodside and CAT are also massive investments - a significant amount outsourced as well.

it's not just the one thing that'll save us all. it's the other "little" projects, measured in billions each, that will also provide a driving force.

Gorgon is just the start. Woodside are upgrading their works, increasing the size of Pluto as well - that'll be bigger again. so gas is covered.

Lets not forget Uranium now, as well.

Lithium anyone?

Tantalum to come back on line?

Gold? Boddington is SWIMMING in $$$$.

and gee - where would we be without Iron Ore?

to all you doubters out there - remember the bigger picture and watch this space. during this whole financial crisis everyone has been saying people need to flock to solid assets - well, WA's got it all. burnt soy latte's served with a frown will only take you so far - and trust me, Perth's got enough of those already.
 
it was quite amazing looking downthat list of projects that they published in Saturdays West. there is no doubt we are on the cusp of a huge boom, bigger than we have ever seen. just remains to be seen if we can fully capitalise on it, for example really develop the pilbara

the taxes alone will allow large subsidies to prop up property markets in far flung corners such as Sydney
 
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