Perth is poised to become Australia’s latest prime property hotspot, according to research by wealth intelligence and due diligence company Wealth-X.
The city currently ranks fourth in the list of Australian cities with the largest ultra high net worth population, accounting for 12.2% of the total. It is preceded by Sydney (with 33% of UHNWIs), Melbourne (with 25.7%) and Brisbane (with 12.7%).
Perth is set to become Australia's latest property hotspot. Image by Ozpatt
However the gap between Brisbane and Perth is closing because the Western Australian capital is growing increasingly rich thanks to its flourishing mining industry. “The surge in commodity prices will lead to a flush of new wealth,” predicts Mikolas Rambus, CEO of Wealth-X.
The company expects Perth’s ultra high net worth population to overtake Brisbane’s in 2014.
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