Invest Before The End of the Financial Year
If you are thinking about investing in the Perth property market now is the time to do so. Rents are at record highs, the demand for rentals is every growing giving you a great opportunity to lock in a great term long term at a premium rental figure.
The best places to invest are in areas with high population growth near transport especially train stations and need amenities such as schools and shops. One such great investment opportunity is 15 Jedburgh Loop, Sinagra which is renting out for $400 per week and is on the market for $345-$355,000 giving a great rental return. You can see more information here:
First Home Buyers Key to Market Recovery
The Perth market recovery has been driven by the return of first home buyers. According to the latest figures from the Office of State Revenue first home buyer levels have been at the highest level since March 2010 just after the First Home Buyers Boost ended. 2,933 First Home Owner Grants (FHOG) were paid in the March quarter, just short of the quarterly average for the grant since its introduction in 2000.
This is a good sign for the Perth property market as First Home Buyers are a keen ingredient as they generally purchase properties at the lower end of the housing market allowing more people to trade up to more expensive properties.
Properties Under $300,000 Hard to Find
According to a recent study only 7.1% of Australian capital cities have suburbs with a median house price under $300,000. The data is based on property sales and not median prices but does show the lack of affordable housing in some areas.
I sell a lot of property in Wanneroo a suburb were you can get property for under $300,000. So if you are looking for some affordable housing Wanneroo and its surrounding areas is a great place to start.
Now Is The Time to Buy
According to the latest REIWA statistics the median weekly rent for a house is now $420 per week, an increase of 5% from last quarter and 10.5% from last year. The number of rentals available is declining and people are struggling to find rentals. With this rental boom going on i am amazed more people are not looking a purchasing there own property. Property prices are depressed, there is an oversupply and interest rates are at historically low levels. The gap between an average mortgage and average rent is declining all of the time, yet people still seem unwilling to buy a new property.
My honest advice is to get out of the rental market and get onto the property ladder. For help with this just contact me, i am more than willing to help.
Perth Stock Levels Fall But Sales Still Soft
The number of properties for sale in Perth has fallen to under 15,000 which is an 18% drop from the years peak of 18,2000 in mid April. Most of this has come from a 20% reduction in properties for sale. According to preliminary REIWA figures sales volume has increased 1% in September which is at least a step in the right direction.
