Western Australia is experiencing a once-in-a-life-time opportunity during a period of unprecedented economic and population growth.
According to the Australian Bureau of Statistics, more than 45,000 people are moving to live in our State each year. By 2026, the State’s population is expected to grow to more than 3 million – over 600,000 additional people on today’s population (WA Tomorrow Population Report). The City of Perth is forecast as the fastest growing local government in WA, with an annual average growth rate of 6.7 per cent over the 16 years between 2010 and 2026, adding an extra 28,000 persons to reach 45,900 by 2026.
The State Government, through the MRA, is working to accommodate for this growth by creating new inner-city precincts for residents, businesses and visitors alike.
The regeneration of the New Northbridge area has encouraged large-scale private sector investment with some of Australia’s leading property developers joining forces to create a new urban environment. The project’s proximity to the CBD and integration with public transport systems and major arterial roads including the Graham Farmer Freeway has encouraged ongoing activity and investment in the area.
On completion, the project is expected to generate approximately $300 million in private sector investment, on the back of $60 million in state Government funding.