Perth To Lead National Property Market Recovery
The western capital is on track for impressive growth.
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Perth’s residential market is on track to record double-digit growth in 2021 for the first time in 11 years.
That’s according to CBRE’s 2021 Australia Real Estate Market Outlook Report which predicts Perth’s house prices to grow between 9% – 12% and unit prices to lift 5%-7% in 2021 which will lead the nation’s property market recovery post-COVID-19
The growth is forecast off the back of positive interstate migration, solid resources outlook and Federal Government incentives such as Homebuilder and additional State support packages that are boosting the construction sector.
“Supply also remains tight [in Perth] with vacancy already sub-1% which is leading to strong rental growth and providing attractive opportunities for investment in 2021,” said CBRE’s Head of Residential Research Craig Godber.
“For investor markets, the supply/demand imbalance will tip towards oversupply until international migration resumes, although, markets with low levels vacancy (e.g. Brisbane and Perth) will recover more quickly than the Sydney and Melbourne, where vacancy remains elevated.”
Sydney is expected to see house price growth of between 7%-10%, while units will experience a 0%-3% rise. Similarly, 7%-10% growth is forecast for Brisbane’s housing market and units are on track to record a 3%-5% value uplift.
The report predicts 5%-7% growth for both Adelaide and Canberra’s housing markets, with the former expecting a 3%-5% rise in unit prices and the latter tracking an uplift of 0%-3% for units.
A longer recovery is expected for Melbourne, with house prices expected to lift 3%-5% in 2021 and no increases for unit values.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
55-storey residential tower in Downtown Dubai
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Fairmont Hotels & Resorts, a world-renowned luxury hotel brand within the Accor group, has partnered with UAE-based developer Sol Properties to unveil a prestigious residential development in Downtown Dubai, setting new standards in luxury real estate.
The 55-storey Fairmont Residences Solara Tower, the latest addition to Downtown Dubai’s skyline, offers breathtaking views of both the Burj Khalifa and the Dubai Fountain. Construction is currently in progress, with the project slated for completion by the third quarter of 2027.
This development seamlessly integrates Fairmont’s esteemed brand standards in luxury hospitality with Sol Properties‘ extensive expertise in high-end real estate, establishing new benchmarks in urban living. The residences feature meticulously designed spaces, blending elegance with timeless opulence.
Offering a range of spacious layouts and state-of-the-art amenities, these residences epitomize modern luxury living. Expansive terraces provide residents with stunning views of the Burj Khalifa and the iconic Dubai Fountain.
“We at Sol Properties and Fairmont Hotels & Resorts are elated to provide a completely new standard of luxury living in Downtown Dubai,” said its Founder and CEO Ajay Bhatia.
“Our goal is to provide residents with exclusive amenities and personalized services, thereby setting a new precedent for comfort and convenience for end users,” he stated.
“By combining Fairmont’s exceptional hospitality services with our integrated residential environment and attention to quality, this project is certain to offer residents unmatched lifestyle experiences,” he added.
Combining Fairmont’s exceptional hospitality services with Sol Properties’ commitment to quality, this project promises unparalleled lifestyle experiences. The residential development caters to the evolving needs of urban homeowners with a suite of premium amenities and services. Fairmont Solara Tower uniquely stands out by offering private swimming pools in selected apartments.
Residents will have exclusive access to a range of integrated amenities, including gourmet restaurants, fitness centers, and wellness facilities, providing a resort-like experience within their own homes.
Fairmont’s Global Chief Operating Officer Sami Nasser expressed excitement about adding this new branded residence to the Fairmont portfolio. “We are confident that our expertise in the field of luxury hospitality combined with our pioneer approach to residential projects will allow us to redefine the landscape of luxury residences in Dubai and the broader region,” he noted.
The project exemplifies the ongoing expansion and appeal of luxury living in Dubai, especially with the luxury residential real estate market projected to grow by more than 8% by 2029.
“Additonally, the project will redefine the concept of luxury residences with Dubai’s strategic location and investor-friendly regulations, which attract high-net-worth individuals and investors seeking to diversify their portfolios,” said Nasser.
Fairmont Residences Solara Tower Dubai joins a prestigious portfolio of 16 Fairmont-branded residences, with 22 more projects in the pipeline.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
