Its great to see such positive news surrounding the Perth Property Market - for investors, home-buyers and sellers alike with some growth heading our way!
According to propertyupdate.com
Perth’s housing market is back on a recovery trajectory, with home values posting a third straight month of rises.
Housing market activity has been tracking higher, with CoreLogic’s estimate of settled sales over the past three months 13% higher than a year ago.
Perth continues to show the lowest median house values of any capital city, at $475,200.
Such low housing prices, along with record low mortgage rate, improving economic conditions and government incentives are some of the factors supporting renewed price growth.
AND MORE GREAT NEWS FOR PERTH PROPERTY...
When it comes to property investment, buying is all in the timing. While the nation (or at least the majority of the nation’s population) has been watching Sydney and Melbourne's residential markets boil over and now begin to slide, Perth’s residential property market has been preparing for its return to the spotlight.
Reports issued last week outline that there are $130 billion in mining projects either committed or in the pipeline across WA in the oil, gas, transport, mining and the construction sectors, and whichever way you look at that – it can only spell prosperity again for WA’s economy.
Of the top 30 projects pegged for the State, 11 are in mining and eight are in oil and gas. And there’s been an $8 billion avalanche of infrastructure projects introduced, solely in Perth, including the $1.6 billion Perth stadium, $2.6 billion Metronet project and $500 million Ritz Carlton at Elizabeth Quay, to name just a few.
Projects such as these are critical for driving population growth which is necessary for property values to increase.
With this investment bonanza and WA still ranking as the most affordable property market nationwide, many investors are looking to the west as a market poised for growth and as a location to invest, before prices once again rise.
In Perth’s current market, examples of value abound.
Case in point, you can purchase a brand new two bedroom/two bathroom, 82sqm beachfront apartment with a 55sqm balcony for $775,000 just 10 minutes from Fremantle.
Compare this to Sydney where you will be paying upwards of $1.4 million....
....When adding up the numbers, Perth’s property market is certainly heading in the right direction and those in the know recognize that Perth is undoubtedly offering the right mix for further investigation.
source: The Real Estate Conversation
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