IN PERTH to speak at a property and investment convention, Melbourne-based developer Michael Yates CEO of Michael L Yates & Co has recognised the investor potential here in WA.
“It is well-known that West Australians select Melbourne not only as a holiday destination, but also as a place to invest in property,” he said.
“With BIS Shrapnel reporting the Perth housing market is expected to rise 14 per cent per annum by 2014, this sort of apartment-style living presents opportunity - not only for WA investors - but also Perth developers with an eye for enhancing their own inner city's residential potential.
“With a slow moving Perth apartment market (only 200 have received permits to be built in the next 12 months), more Perth buyers are looking at the type of lifestyle and convenience these types of developments present.”
Mr Yates said that he 'lives and breathes' South Yarra, buying and selling property there for more than 35 years, and taking a keen interest in nurturing the particular 'laneway' culture that makes the district so appealing.
“What we are seeing is an increasingly fast paced, time poor society where this type of blue chip inner city dwelling is becoming more attractive to buyers of all ages,” he said.
“Enamoured with the lifestyle that Melbourne - and in particular South Yarra - has to offer, Perth investors snapped up 30 per cent of the apartments in our South Yarra Claremont development.”