Focus on Perth Perth's Residential Guide 2018 Covers Living
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RESIDENTIAL RESEARCH LIVING & STUDYING BUYING PROPERTY WHY INVEST? Contents 1. Perth—The lifestyle city page 2 2. Liv ing in Perth page 4 3. Studying in Perth Whilst fortunate to tap into world-class page 7 reserves of natural minerals and energy Knight Frank City Wealth Index resources, Perth has evolved to grow an 4. Housing in Perth 2018, Perth equally important highly educated, skilled page 10 314 international cities ranked in each category and productive workforce strengthened 5. Renting in Perth by innovation and cultural diversity. This Ranking page 11 guide focuses on living, studying and buying residential property in Perth. Wealth 63 6. Buying in Perth Investment 88 page 12 Liveability Lifestyle 142 7. Buying as a First Home Buyer Perth ranked in 12th place of the World’s Future 56 page 13 Most Liveable Cities in 2018, according OVERALL 53 to the Economist Intelligence Unit, as 8. Buying as a Foreign Investor shown in Table 1. The index is based on page 14 30 factors spread across five areas: 9. Owning in Perth stability, infrastructure, education, health page 19 care and environment. 10. Selling in Perth page 20 Perth was als o 13 p laces higher (63rd) than Brisbane for ‘wealth’. The two Most Liveable Cities 2018 elements that contributed to this Feature: Index of 140 global cities based on Stability, category include the number of 10 reasons to invest in Perth Infrastructure, Education, Health Care page 22 & Environment households earning US$250,000 in 2017, and the other being how fast this price 1. Vienna, Austria bracket is expected to grow over the next 2. Melbourne, Australia five years. 3. Osaka, Japan ‘Investment’ was the third category with double-d igit ranking for Perth, at 88th 12. Perth, Australia place. This was based on the annual average private investment int o property over the two-year period to the end of 2017 and the average number of nationalit ies investing. This is likely to increase in the 2018 results given the recent increased investment in WA. The City Wealth Index ‘lifestyle’ category, ranked Perth in 142nd Perth ranked in the top quintile of the position. This was based on cities with cities that matter to the ultra-wealthy in the most top 100 universities, the number the Knight Frank City Wealth Index 2018, of five-star hotels and the highest ranking in 53rd spot. average spend per overnight visitor. With strong future prospects, and several The best performing category for Perth hotels under construction due by 2020, was ‘Future’ (56th place), ranking higher this will boost touris m opportunities for than Brisbane (57th), based on the the city, and Perth’s global ranking in forecast of economic performance. future years. 2 FOCUS ON PERTH Q4 2018 RESEARCH International be found at the intersection with Visitors Murray Street. FAST FACTS The balmy climate of Perth allows for a One of the largest diamond mines in the laid-back environment with locals soaking world—the Argyle Diamond Mine—is PERTH up the weather in the many cafés along located in the far north-east of Western vibrant shopping strips, down at the Australia (WA), close to the b order of the Perth is the state capital of beach, bushwalking or riding bikes with Northern Territory. The mine is the largest Western Australia (WA). the family amongst the native flora and diamond producer in the world by Australia’s fourth largest capital fauna or relaxing in one of the local volume, and is also the only known city, with approximately 2.04 significant source of the elusive p ink parklands. Most prominent is Kings Park million residents estimated adjoining the city skyline, with a high diamonds. Due to Perth’s proximity to the living in the Greater Perth vantage point over the Swan River and mine, diamonds are often d iscounted and region in 2017. Perth CBD. Watching unrivalled sunsets abundant in local jewellers. is very picturesque, being the only Located on the West Coast, with a geographic area of Australian capital city to enjoy the sun The number of international v isitors to 6,400 sqm. WA increased by 1.1%, t o reach 967,000 setting on the ocean. visitors, in the year end ing March 2018. Perth weather in the summer Perth accommodates a vast array of months is a hot, mean restaurants, fashion brands, independent The most number of international tourists maximum temperature of 31°C, retailers, as well as, shopping malls. In came from the United Kingdom (15%), while the cooler winters have a the Perth CBD, Hay Street Mall and Malaysia (11%), Singapore (11%), United mean minimum of 8°C. Murray Street Mall both comprise States (9%) and New Zealand (7%) as Most daily sunshine is 13 hours pedestrian-only shopping districts, while shown in Figure 1. in the month of January. Perth retail strips and arcades feature a diverse generally has more sunny days range of traders. Looking at WA’s top 10 international than other Australian cap ital markets over this time, there was strong cities over the year. Traditional department stores like Myer growth in the number of additional Perth operates under the and David Jones are also found here. visitors from China (8.6% or equivalent to Australian Western Standard King Street, Perth is known as the ‘start 4,600 additional vis itors), India (12.0% or Time (AWST) time zone at all of West End’, famed for international +3,100), Japan (9.9% or +2,500), and the times of the year. Perth falls luxury brands. Many cafés and bars can U.S (3.1% or +2,500). into the same time zone as capital cities such as Singapore, Hong Kong, Kuala Lumpur, Jakarta, Beijing and Shanghai. International Visitors to Western Australia, by Country of Residence % of total, year ending March 2018 From Perth, current average flying travel time is approximately four (4) hours to U.K Jakarta, five (5) hours to Malaysia Singapore, six (6) hours to Kuala Lumpur, eight (8) hours Singapore to Hong Kong, nine (9) hours to Other Asia Shanghai and 10 hours to Beijing. Other Europe U.S Perth is the closest major Australian capital city to Asia, Other Countries allowing easy connection New Zealand towards the European China continent. Germany Indonesia Japan Hong Kong Switzerland 0% 3% 6% 9% 12% 15% 3 Perth’s Demographic Language Other than English, Mandarin (2.3%) was Profile the most common language spoken in a Perth household. Other typical languages Population include Italian (1.4%), Vietnamese (1.0%), Populat ion has been steadily ris ing in Cantonese (1.0%) and Arabic (0.7%). Perth. Over the year to 30 June 2017, an increase in the estimated resident population was recorded at 1.0% t o 2.04 Education million. This is slightly below the overall Perth is a skilled city. A higher proportion PERTH ANNUAL Australian p opulation growth of 1.6%. of peop le are educated at university level EVENT CALENDAR (22.9%) compared to the Australian According to the Australian Bureau of average (22.0%). In Perth, 16.5% of the JANUARY Statistics (ABS), the Perth population is local student population were studying at Perth Chinese New Year Fair projected to grow annually by 2.5% to university in the 2016 Census, compared Perth Cup, Ascot Racecourse 3.6 million persons by 2036. This is Hopman Cup to the national average of 16.1%. based on the assumption of a strong Australia Day Perth Celebrations depth of mining activity in WA. FEBRUARY Perth International Arts Festival Work Rottnest Channel Swim The most common occupation of Perth’s MARCH Age Distribution residents are in professional services—at Sculptures by the Sea, Cottesloe Age distribution in Perth is relatively 22.2%—on par with the national average. Mandurah Crab Fest comparable with the national average— Technicians and trades workers (15.6%), APRIL however, the 20-29 age group trends clerical and ad ministrative workers SunSmart Busselton Festival of higher at 14.6% against the national Triathlon (13.6%) and managers (11.5%) were the average at 13.8%. next most common occupations. MAY Jazz by the Bay Argyle Diamonds Ord Valley Despite WA being known as a mining Muster Multiculturalism state—the city of Perth is not classified JUNE Perth is a true multicultural city, with as a ‘mining town’. Only 5% of Perth’s Feed Box Market Finale 42.7% of residents being b orn outside of population in 2016 worked in the mining JULY Australia. The most prominent countries industry, with most miners living in Good Food and Wine Show of birth include England (8.6%), New remote towns closer to the mines and Zealand (3.2%), Ind ia (2.4%) South Africa commuting each day. AUGUST Mt Claremont Farmers Market (1.8%), and Malaysia (1.5%). Almost 46% Stirling Farmers Market of parents of the residents in Perth were Of all the emp loyed people in Perth, 3.8% SEPTEMBER born overseas, exceeding the national worked in hospitals. Other major Australian Football League Grand average of 34.4%. This wide d iversity has industries of employment included cafés Final and restaurants (2.5%), primary encouraged many international OCTOBER restaurants, schools and cultural education (2.5%) and supermarket and Oxfam Trailwalker Perth activities established within communities. grocery stores (2.4%). The Handmade Expo Market NOVEMBER Perth International Arts Festival Religion Travel to Work (Films) The Last Gentlemen of War The Catholic religion was practiced by In Perth at the time of the Census 2016, the most common methods of travel to DECEMBER 22% of Perth residents at the time of the Census 2016, this was followed by work for emp loyed people were by car, Christmas in the City Celebrations Anglican at 13.8%, then Christian with as a driver (64.1%) and car, as a Swan River New Year’s Eve 3.4%.