Ask people to name 5 Australian cities, and there’s a fair chance that Perth will not be on the list. With the focus always on the eastern coast, many people forget that there is a vibrant and buzzing population on the opposite side of the country.
Known for its stunning natural beauty, Perth has recently seen steep growth in migration and has become an incredibly popular location for people all over the world to flock to for work – whether they live in the hustle and bustle of the main city or commute over long distances.
There’s no doubt that Perth has been experiencing a boom in recent years, and this is only likely to continue. The regeneration of Perth has begun, as the city responds to the increase in visitors, foreign workers and affluence, so there may not be a better city to turn to for a fresh start.
The best places to live
A recent study by financial comparison website Mozo showed that Perth is the second best city in Australia to reside in if you’re looking to live the dream. The study examined the average salaries of workers in cities across the country, and the average mortgage payment made each month. The average monthly salary in Perth is $5,572, with the average monthly mortgage repayment standing at $2,380, currently 43% of household income, which left Perth residents with $3,192 of disposable income left over.
It could be the combination of high average salaries and the decently-priced real estate which gave Perth the second highest amount of disposable income in the country, which was only beaten by Canberra by a mere $79.
The fact that Canberra, Perth and Hobart outperformed popular expat hubs such as Brisbane, Melbourne and Sydney speaks volumes.
Thanks to the huge deposits of valuable raw materials like coal and metal ores, it’s unsurprising that Western Australia has become so affluent. Asian economies such as China have looked towards the west coast of Australia to source their raw materials, which has resulted in a strong economy for cities like Perth.
Due to a prolonged emphasis on mining in Perth and the businesses that flourish because of its success, unemployment is considered to be on the low side in Perth.
Strong housing market
House prices always seem to dominate the news, but the local government in Perth are keen to get first-time buyers on the property market. Since 25th September 2013, first-time buyers across Australia who are looking to purchase or build a new home have been eligible for a grant of up to $10,000. Those who are looking to buy a house that is already established could be eligible for a grant of up to $3,000.
If you’ve been renting in Perth for a few months or even a few years (maybe you’ve been long-distance commuting) then perhaps it’s time to think about finding a more permanent home. Put some of that disposable income aside over time and watch your savings grow towards a deposit for a brand new house! With the government keen to get more people on the property ladder, you should take advantage of the services offered to you and get started on the next stage in your life.
We recently compiled a guide on how to secure a mortgage as an expat on our blog.
An up-and-coming city
No longer a forgotten city on the west coast of Australia, Perth is fast becoming one of the most desirable places to live. The local government are certainly keen to send a message to the rest of the world that the capital of Western Australia is modern, iconic and always looking ahead to the future.
One project designed to make Perth stand out from the rest is Elizabeth Quay, a huge $2.6 billion waterfront development that is scheduled to be completed later this year. This 10-hectare project will have cafes, restaurants, shops, offices, residential properties and its very own man-made inlet, similar to the iconic Palm Beach semi-island in Dubai.
Upon its completion, Elizabeth Quay will provide you with plenty of opportunities to enjoy yourself and spend a little of that disposable income, whether you’re strolling along the promenade or enjoying an ice cold drink by the waterfront.
The Place to Be
With so many exciting new projects, decent house prices and incentives, and the growing economy, it can only mean good things for Perth. We are likely to continue to see great things from the Western capital in years to come, as more and more people discover the benefits of living and working there.
As a leading migration agent in Perth, True Blue can help you to obtain permanent residency in the city. Get in touch today for help securing your Australian visa, so you can start enjoying the Perth lifestyle as quickly as possible.