Is Perth The New Boom Town

Is Perth The New Boom Town

Perth has always been known for its strong mining sector, however that’s not something we’ve confidently been able to shout from the roof tops over the last few years.

Well, all that is about to change. There are many encouraging signs of a resurgence with the resource sector recently announcing multiple billion-dollar gas and iron ore projects.

Over the next two years, house prices are forecast to increase almost 2%, the best of any Australian capital city. It’s not only house prices that will see some growth, it is also predicted that the states vacancy rates will also continue to decline significantly from 7.3% in June 2017 to 3.9% in September 2018.

The rental market is also predicted to tighten after a tough few years and experts predict a 1.2% increase over the next two years.

Increased rates continue to hit Sydney and Melbourne, which has highlighted Perth as the place to invest for investors.

There is no better time to buy that right now. We are looking down the barrel of the most affordable buying Perth has seen in a long time. We have not seen buying this affordable since 2013.

Whether you are an owner occupier or an investor, we can confidently suggest now is the best time to buy. Buyer sentiment has recently shown a lack of urgency in the market, waiting too long may see you miss the boat we’ve all been waiting for.

Business and consumer confidence within WA is at a four year high with unemployment reducing and money invested by both the public and private sector in many major infrastructure and resource projects. 15,000 new jobs have been created in the last year, with another 50,000 expected in the coming 12 months and exports are growing at 5% per year.

An additional Foreign Buyers Surcharge of 7% is being introduced on the 1 January 2019. A number of foreign investors will take advantage of the current promising market conditions and invest now to avoid this surcharge. Our comparable time zone with a number of the Asian countries and shorter flying times has seen Perth as favourable for
offshore investments.

As the Commonwealth Bank predicts WA will have the fastest growing State in Australia by 2020 and the economy is tipped to expand by 4%, it is now the West’s turn to shine and investors should act now. Whether you are looking for a 1, 2 or 3-bedroom residence, we have a range of brand-new apartments with excellent amenities and all located within easy reach of the CBD

2019-01-18T06:43:33+00:00