One of the most interesting aspects of living in a growing city like Bunbury is watching for where the next development might pop up. The astute investors out there can use this to their advantage, purchasing prime real estate in suburbs rising in value and making a profit when it comes time to sell or rent it out. Of the many indicators out there, there are few more informative of where a city is heading than its annual budget.
The 2016/17 budget for Bunbury was announced in July, and is clearly focused on future growth and continuing the rapid changes that we've already seen over the last few years. Let's take a closer look and see how it might affect real estate in Bunbury.
Some of the most immediately obvious aspects of the budget that jump out at first glance are naturally the large developments and projects. Chief amongst these is the immense reshaping of Bunbury's waterfront, which is set to give the city an entirely new vibe once completed. It's by no means the only large change though, with $1million set aside for a water playground and nearly $400,000 for a renovation of the Bunbury Museum and Heritage Centre.
Projects like these ones all add value to the area, not only in terms of expected prices in the Bunbury rentals and property market, but also livability. Everybody wants their home to be located near great museums, stunning parks and good infrastructure, and the budget clearly outlines plans to make this a reality throughout the city.
Grants for specific community projects will help to ensure that every inch of Bunbury continues to grow.
Of course the growth of a city isn't all about the big ticket developments – things have to work on a micro scale too. Infrastructure is a great example; an expensive public transport network may be a great boon to a city, but it's arguably less important than good quality roads and footpaths in every suburbs.
This specific example is one that Bunbury will be tackling over the next year, with extensive plans for the development, repair and replacement of dual-use footpaths, making the city an easier and more pleasant place to walk from point A to point B. Similarly, more grants for specific community projects will help to ensure that every inch of Bunbury continues to grow, rather than just the central hubs.
All of these projects will ultimately have a positive effect on real estate in Bunbury in one way or another. It may be better prices for investors, or more appealing suburbs for families, but either way, there's never been a better time to become a member of the Bunbury family!