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The resources boom is giving this city an almost unprecedented boom.
The per capita growth shits on Sydney's 1990's economic boom and is probably 2nd only to the Victorian gold rush era !!!
The population, economy, wages, property & construction have been amazingly strong for a couple of years now and there appears to be no end in sight.
This is an awesome time for Perth.
My question is - where will Perth be in 10 years time ?
If the resources boom stays strong for the next 4-5 years ( like many analysts say it will due to China's pull ) then it could well pass the likes of Syd and Canberra to become Australia's richest city in terms of wages, property prices, resi /commercial/industrial investment.
Population growth could outstrip Syd and Melb's growth ( actual numbers) and big business might start setting up significant operations over there.
It's hard to think that Perth is only a couple of hundred thousand people bigger than Adelaide.
No doubt that big new CBD towers will appear, but what else do you think is in the pipeline ????????

:eek2: :eek2: :eek2: :eek2:
 

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The Australian said yesterday (or the day before) that the resource boom is set to continue for decades - China aint slowing down.
I honestly think within a decade, Perth will be growing faster than Brisbane.
I would move there, if I could land a job in the relevant field.

Perth will soon get new skyscrapers - they seem to come once the boom is established... I suspect the city will get more crowded though (traffic) and the rail network will have to be expanded.
 

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Perth's Beach
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This in from today's paper...

Boom pushes WA pay to Sydney level

LEE-ANNE PETCHELL

WA's one-in-100-year boom is about to make the State's workers the highest paid in the nation, with fresh figures revealing the average wage is now just $7 a week lower than in NSW.

The average weekly wage in WA grew 1.3 per cent to $1070 in the three months to February but fell 0.1 per cent in NSW to $1077, Australian Bureau of Statistics figures revealed.

If the trend continues in the June quarter, which many economists say is highly likely given the growing skills crisis in WA, the State will boast the nation's best paid workers.


The labour shortage stemming from the resources boom helped drive a whopping 5.9 per cent jump - double the inflation rate - in the average WA wage in the year to February. Nationally, the average weekly wage grew 4.5 per cent over the year to $1035.

But it wasn't all good news on the financial front yesterday as the sharemarket plunged another 1.9 per cent, with much of the drop being blamed on the resources stocks which have underpinned so much of the boom.

The S&P-ASX 200 fell 98.2 points to 5119.3, taking its total losses this week to 4.5 per cent.

The slide, which has been sparked by falls in commodity prices and inflation fears in the US, has wiped more than $46 billion off share values.

Yesterday's fall came despite mining giant Rio Tinto revealing it had struck an agreement for a 19 per cent rise in iron ore prices with major Japanese steel mills. The higher prices are almost certain to apply to all iron ore exports from WA over the coming year.

But analysts warned there was more pain to come on the sharemarket, with some predicting it would fall up to another 10 per cent before the downturn was over.

"This week we have seen two big falls that have signalled a clear change in the short term trend, which is downwards," Sentinel Stockbroking chief executive Norm Robinson said.

He said the market could slump to 4800 points.

Independent analyst Peter Strachan was also downbeat, forecasting further falls of up to 150 points.

WA Chamber of Commerce and Industry chief economist John Nicolaou said while the strongest wages growth in WA was in the mining and construction sectors, skills shortages were having a flow-on effect to other fields.

Mr Nicolaou said in contrast, NSW was missing out on the big resource industry pay packets and its manufacturing sector was under pressure from global competition.

Perth's wealthiest are also poised to take over from their Sydney compatriots.

When the latest round of tax cuts come into effect on July 1, the percentage of WA taxpayers in the top income tax bracket will be second only to NSW.

The ABS figures also reveal a big discrepancy between men's and women's weekly wages.

While WA men are the among the best paid in the nation, earning an average of $1167 a week, the State's female workers are paid $867.30 a week. Only women in Queensland and Tasmania earn less.

*Also the WA resources boom has created Australia's first female billionaire, Perth's Gina Rinehart.
 

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christarrant said:
It's hard to think that Perth is only a couple of hundred thousand people bigger than Adelaide.
From looking at the ABS website chris Perth has about 400K more people than Adelaide, so with the resources boom it may widen still! Lets hope that this boom does continue and that the WA goverment creates more opportunities for diversifying the economy. That will not allow for more office buildings to be built, but will ensure that Perth (and WA as whole, but lesser extent) is cushioned from any bust that may or will eventually arise; it will also allow people to stay, when they might otherwise go back to their state of origin once the boom had turned to bust.
 

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Perth's Beach
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Just to show you the true extent of this Boom, here are few snippets taken throughout the WA forum and other relevant sites.

This is not intented to be a bragging session ok :D

There a still major projects yet to get underway

"2010 is when the two biggest iron ore projects in the mid-west region are planned to come on stream".

"$11 billion-plus Gorgon gas project off Barrow Island waiting for final approval".

"Australia's biggest gold mineBoddington, 130km south-east of Perth set to get underway".

"Big Japanese energy company Inpex Holdings will canvass global oil giants in a bid to attract a joint venture partner to help fund an $8 billion liquified natural gas project off WA".

"BHP Billiton wants to develop the Scarborough field to produce six million tonnes a year by 2011 at a likely development cost of $5 billion".

"Based on current development plans, WA could be producing more than 40 million tonnes of LNG annually by 2013.Australia would then be a top-three supplier globally, including production from ConocoPhillip's new LNG plant in Darwin."

"Western Australia could be witnessing the dawning of a bio fuel age, the beginning of the triumph of fuels wrought from the soil over hydrocarbon fossil fuels from deep underground."

So how has this translated into the economy you ask, well….

"$2billion budget surplus this year"

Western Australia has set a record low for unemployment at just 3.9 per cent for April 2006. Western Australia continues to have the nation's lowest unemployment figures, with unemployment at or below five per cent for 20 consecutive months.


"Western Australia's V8 economy has hit overdrive with the value of engineering construction activity jumping 25.1 per cent in the December quarter.
"This was the biggest increase of any Australian State, reflecting the large number of resource-related projects currently under way in WA," Treasurer Eric Ripper said.
"In Queensland the increase was just 2.3 per cent, while in NSW the value of engineering construction work fell by 2.0 per cent."



"More than 1000 migrants are flooding into WA each week on temporary working visas under a booming skilled immigration program."


"The Department of Employment and Workplace Relations' skilled vacancies softened 5.6 per cent during the past 12 months, but Western Australia bucked the national result with an increase in vacancies of 5.4 per cent.
Vacancies also rose in the Northern Territory - by 21.6 per cent.
During the past 12 months, five states have recorded falls in vacancies, led by NSW (16.6 per cent), South Australia (12.6 per cent) and Victoria (11.5 per cent)."



"Perth's median house price will soon hit $400,000 and the city will become the second most expensive capital in Australia to buy a house if current growth continues, an economic forecaster said yesterday."


"The value of Western Australian exports leapt 30.1 per cent in the three months to February 2006, compared with the same period 12 months ago.
Treasurer Eric Ripper today said new ABS data showed that WA now accounted for a record 31.4 per cent of the nation's exports."
The State's solid export performance has resulted in WA's trade surplus standing at $28.7billion for the 12 months to February 2006, compared with Australia's trade deficit of $16.5billion," Mr Ripper said."



"Premier Alan Carpenter and Treasurer Eric Ripper today announced that the State Government would abolish three more taxes worth $924million over five years as part of its State Tax Review."


"The $1.7billion metro rail project will be paid in full this financial year. Mr Ripper said using the Budget surplus to pay off the MetroRail loan early meant the Government would save WA up to $1.3billion in dead interest repayments over the life of the old loan."


"Treasurer Eric Ripper said $3.89billion would be allocated to health in 2006-07, an increase of $241.3million on last year's estimated spend, as the Government ploughed money from the boom back into crucial infrastructure and services.
"This unprecedented commitment to health is underpinned by the Government's plans to totally rebuild our hospital system and provide the best possible health care for all Western Australians," Mr Ripper said.
Perth's mega-hospital site in the southern suburbs could include a hotel, convention centre, shopping plaza and residential apartments".



"Western Australia's students will continue to get world-class education in first-class facilities after Treasurer Eric Ripper today announced a $1.2billion capital works and maintenance program for education and training over four years."


"Perth-based property developer Finbar International Ltd has sold out its latest apartment release, Domus apartments at Hay Street Perth in its first weekend on offer. A recent development, Reflections Waterfront Apartments on Terrace Rd, East Perth, sold almost all 138 apartments, with an average price of $850,000, in three days for a total of $120 million."


Investors in WA's top companies became more than $20 billion richer during 2005, as the global commodities boom kept the accelerator of what State Treasure Eric Ripper described as WA's "super-charged V8 economy" pushed flat to the floor.
According to Deloitte's monthly survey, WA companies grew twice as fast as the rest of the sharemarket, squarely on the back of the State's rampant resources industry.
While the broader all-ordinaries index grew 16.2 per cent last year, Deloitte's WA Index grew a whopping 31.9 per cent.
It was the second year in a row that WA companies grew faster than their Australian peers by more than 70 per cent, following a 38.6 per cent growth in 2004 compared to just 22.5 per cent for the all ords.
The 2005 increase boosted the value of the WA Index by $20.4 billion to $83.4 billion to the end of December alone.
That trend has continued in the first few weeks of this year, with booming commodity prices - especially for oil and gold - powering the share prices of several of WA's biggest companies to new highs."




"In the past few weeks five new boats, worth more than $2 million each, have been delivered to owners at the prestigious Royal Perth Yacht Club at Crawley.
At the same time over at the club's Fremantle annexe a new 25m monster, worth more than $7 million, was settled into its pen.
"If you walk down the main jetty at Royal Perth's Fremantle annexe now it is like being in Monte Carlo," says Perth boating veteran Martin Box.
It is just another sign of the WA boom. Never before has there been so many new boats flooding the market as existing owners upgrade, while the second-hand market is doing a roaring trade among first-time buyers.
And the boats are getting bigger. It wasn't too many years ago when a 7.5m-10.5m pleasure craft would turn heads on the Swan River".


I'm sure there's more but I think that will do for now:p
 

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Its amazing only 20 years ago perth was regarded as a corupt big country town now its fast becoming the richest city in Australia and a very world-class city - great news WA

I hope this happens to Adelaide (I'm pretty shaw it will)

Rocstar where did you get all those stats???
 

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Rocstar,

Were you around or old enough to remember the mid 80's and the last big boom? All during that period (America's cup period) it was a great place to be. Had a real vibe of big growth and sky's the limit. By the sounds of it, it maybe entering another of those periods!
 

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Looks like its time for me to come home!

I've only been out of the country for a year and a half and things have just grown out of control, housing prices are ridiculous. Domus was sold out in a weekend, a friggin weekend!

Wages at an all time high and unemployment at an all time low. Ouch, inflation is going to be a bitch. We got to remember interest rates are going to rise over the next few years which will put the brakes on the housing market a bit.

Someone was telling me that Beam and Cokes are going for $7.50 a glass now at most clubs! WTF is going on?

Mind you, London is doing quite well at the moment too and with the Olympics coming up it is going to boom a bit. I'd rather be part of Perths boom though, better weather, better city, better people etc.. just the wages don't match up yet.
 

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I can see it outstripping SEQ growth.

The climate is more appreciable, with those long clear blue sky summer days without thunderstorms driving you off the beach. The mild sunny winter, it really has a climate that many people much perfer, warm and sunny without humidity.

Not only that, but I would move to Perth it just looks great, and with the resources boom, and the fact that many already consider Perth the 3rd main BUSINESS city in Australia I can only see many more good things to come in the future for this city.
 

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Tremendous
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Yeah well stay where you are. All this migration to Perth is driving property prices through the roof :jk:
 

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not only is Perth booming but also all the large regional citys are going off, fueled by the boom in mining and tourism
 

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Perth's Beach
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dallas said:
Rocstar,

Were you around or old enough to remember the mid 80's and the last big boom? All during that period (America's cup period) it was a great place to be. Had a real vibe of big growth and sky's the limit. By the sounds of it, it maybe entering another of those periods!

Going by the “Boom pushes WA pay to Sydney level” article, it says “WA's one-in-100-year boom” I think the boom of the 80’s doesn’t even compare with what’s happening right now? Am I reading that right? Having said that, the optimism was a lot higher then, than it is today that’s for sure. Maybe it was the America’s Cup win:)

Having said that, I vaguely remember the 80s boom to detail. I definitely wasn’t into all that political mumbo jumbo (too young:p) but I do remember so many new towers being announced. I used to frequent the papers just to see what new proposals were put forward. I certainly wasn’t disappointed. I’ve always been a scraper freak, way before I came across this ‘god sent’ site:D


crawf_231 said:
Rocstar where did you get all those stats???
I made it all up haha..No, as said it’s from snippets taken out from articles posted in the WA forum and other relevant sites.
 

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yeah the growth in perth seems unbelievable. ive been in europe for the last few years but just booked my ticket home!!! very exciting times. will be home by october... hopefully coming home with euro and pounds in the bank will offset any worries about inflation...

its great to hear the government put the budget surplus to good use and paid off newmetrorail... i think the government and developers have learnt from some of the mistakes made during the boom of the late 80's... perhaps they are being a little too cautious at times. but i think there are some great times ahead for perth.
 

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Also, if I remember rightly there was a mssive inflation leap after the boom of the 80's. I think we are all in for a rude shock in the next few years as inflation will really start to increase - higher house prices, higher interest rates, higher petrol prices, higher alcohol prices. All the things we need to live!
 

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Watch my Chops
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This is news to me?

Doubt we will outstrip SEQ. Mabey we could start growing at a similar rate in a few years but over the next few years i think not. Mineral sector investment takes time to blossom.

Seems like a typical statement for a victorian to say that someone will be beat SEQ, but it will probably be you guys. :) Still i hope your correct.

Though city square has been given the same plot ration as westralia square from the 80's. :)
 

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crawf_231 said:
Its amazing only 20 years ago perth was regarded as a corupt big country town now its fast becoming the richest city in Australia and a very world-class city - great news WA

I hope this happens to Adelaide (I'm pretty shaw it will)

Rocstar where did you get all those stats???
Barf dont be silly we stepped up to SEA and got burnt for doing it. Then we got are noses rubbed in it after they took us down. Everywere was corrupt? it was the 80's.

But people dont like power shifts. Thats why i say GO SEQ.
 

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RocStar said:
Going by the “Boom pushes WA pay to Sydney level” article, it says “WA's one-in-100-year boom” I think the boom of the 80’s doesn’t even compare with what’s happening right now? Am I reading that right? Having said that, the optimism was a lot higher then, than it is today that’s for sure. Maybe it was the America’s Cup win:)

Having said that, I vaguely remember the 80s boom to detail. I definitely wasn’t into all that political mumbo jumbo (too young:p) but I do remember so many new towers being announced. I used to frequent the papers just to see what new proposals were put forward. I certainly wasn’t disappointed. I’ve always been a scraper freak, way before I came across this ‘god sent’ site:D
Back in the 80's it was based on 'The America's Cup', and the global equities boom., which swept the whole first world, and culminated in the crash of '87. It was a big boom for it's time because it was the rebound from the oil shocks of the 70's and the recession that followed and didn't end until about 1982.

So this boom is a lot more commodity based, which is better than building wealth on expectations that build up in bubble markets (just like the dot com bubble), and for that reason you're probably correct that it's the biggest boom in 100 years.

Lets hope that the commodity sell off of the past few days doesn't turn into a rout because the shorts led by hedge funds start pushing prices down further to extend their profits. Nice to see the price of oil declining for a while though, cheaper oill will help the price of transport and manufacturing stay stable / decline, which in turn will help fuel growth.
 

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WA boom lures best in 'brain rain'

WA is experiencing a "brain rain" as a flood of highly educated professional, technical and managerial workers are lured to the State by resource companies desperate to fill vacancies at the high end of the market.

Lloyd Smith, director of the executive recruitment firm Gerard Daniels, said that the new phenomenon was reversing the decades-old concept of brain drain.

He estimated hundreds of professional and managerial staff, many earning salaries between $200,000 and $500,000 a year, had arrived in Perth in the past few years.

The relocation of company head or regional offices to Perth had brought with it a marked change in the professional environment.

Mr Smith said companies were offering a range of incentives to ensure they snared the best possible candidates for a job.

It was common to offer less traditional benefits such as paying the stamp duty on an employee's new house, paying for new school uniforms for their children, and enabling some employees to commute to the Eastern States until their children could change schools.

WA Chamber of Minerals and Energy director Reg Howard-Smith said that new research showed that only a tiny proportion of workers in the resources sector were immigrants.

A study by the chamber to be released later this month showed the number of Australian resources jobs grew by 59 per cent between 2001 and 2005, with most growth in WA and Queensland.

But only 1.8 per cent of new resources workers came from overseas, meaning most jobs were being taken up by resident Australians or expatriates returning from other countries.

Melbourne-born ecologist Dorian Moro, 37, has just returned to Perth with his family after living in Canada and Sweden, and working in North Wales since 2003.

Dr Moro, who lived in Perth during the 90s, is responsible for plant and animal life on Barrow Island.

"It was only when we got back here that we saw the economy was doing well and there was certainly a lot of potential here . . . although it is still a fairly small job market for science professionals," he said.
 

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From ryan79
Also, if I remember rightly there was a mssive inflation leap after the boom of the 80's. I think we are all in for a rude shock in the next few years as inflation will really start to increase - higher house prices, higher interest rates, higher petrol prices, higher alcohol prices. All the things we need to live!

Good Point Ryan!!!

btw people I've been thinking for almost a year now of moving to Perth for couple of years and then move back to Adelaide

Citystyle this is where I got it from (WA being corupt) :lol:
http://www.tism.com.au/lyrics/luckycunt.html

Queensland used to be the national joke
And Adelaide was full of S and M botty-spankers
Perth was full of crooked businessmen
And Sydney, still full of wankers

Tasmanians, I've never met met any.
But the whole nation knows that
We all voted in Jeffrey Kennett
And that makes every Victorian a pratt.

The West and South Australians were right
They've know for years that Vics were pricks
And now the whole nation can agree
kick a Vic, kick a Vic, Kick me,

Lol - Kick A Vic!!!

sorry but i had to post that :lol:
 
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