(23/8/18) New record for building approvals in Freo
Building approvals in Fremantle have hit another record high with $313 million worth of residential and commercial property developments approved for construction during the 2017/18 financial year.
The latest figures released earlier this month by the Australian Bureau of Statistics add to impressive growth from 2009/10 onwards, with the value of building approvals in three of the past four years surpassing $250 million.
The growth in Fremantle bucks the Western Australian trend which has seen building approvals fall by 9.2 per cent over the past year according to the WA Treasury.
Fremantle Mayor Brad Pettitt said the latest building approvals record was further evidence Fremantle had turned the corner and was now considered an attractive place to invest.
“Fremantle’s record $1.3 billion development pipeline has been well publicised but what we’re seeing now is these plans being converted into bricks and mortar developments, delivering new residents, workers and activity to central Freo,” Mayor Pettitt said.
“Of the $1.3 billion pipeline, $600 million is either built or under construction - including the Kings Square Renewal project which started late last year and is set to inject around $350 million into the local economy.
“It’s a far cry from around 10 years ago when Fremantle was on a severe downward economic trajectory and there were serious concerns about our future.
“To counter this, from 2009-2012 this council made some tough and at times controversial decisions on relaxing building heights in non-heritage parts of the Fremantle city centre.
“It’s pleasing to see these hard decisions are having their desired effect, with Fremantle now well and truly back on a sustainable path and cementing its status as Perth’s second city.”
Obtaining building approval is the last major stage of the property development process before construction commences.
Other major developments in Fremantle in recent years include the apartment developments at Leighton Beach, the redevelopment of the historic Dalgety Woolstores into the Heirloom apartments and the Liv apartments on Queen Victoria Street.
A graph showing the value of building approvals in Fremantle from 2001 - 2018 is attached.