Western Australia: An economic driver
Investors looking for a real estate purchase may be interested in Western Australia's residential property sector, after recent figures showed the state enjoyed significant economic growth last year.
According to the latest Business Outlook released by Deloitte Access Economics yesterday (January 29), the Western Australian economy grew twice as fast the rest of the nation in 2011-12 - 6.7 per cent and 3.5 per cent respectively.
State treasurer Troy Buswell said the report also noted growth drivers were shifting from mining sector investment to exporting and residential construction - potentially enticing more buyers into the real estate market.
"Growth in WA is expected to continue on a sustainable path as the current wave of investment in mining projects transitions into production," Mr Buswell explained.
"The economic forecaster claims the state should expect residential construction to make a major contribution to the economy in the years ahead."
With Western Australia contributing billions of dollars to the Australian economy each year, property investors may be attracted to the state - particularly given the latest forecast that new dwellings will flood the market in coming years.
Boasting just ten per cent of Australia's entire population, Western Australia generated 65 per cent of all full-time jobs created in the country last year.