The years outlook
A good market for buyers likely to continue its recovery through the rest of 2019.
A natural upswing in momentum along with a few key factors will provide the basis for the improvement of the market.
A mining sector recovery is looking like the main reason as it currently enters its newest expansion phase. Additionally, factors such as the increased migration from nearby Asian countries, the liveability of Perth, the new mining boom and better performing market conditions are all having a positive impact.
New federal government policies we’re likely to see this year will be welcome news for first home buyers. The planned changes will enable buyers to purchase a property with a lower deposit.
In general, a positive outlook for the Perth Market.
Power is in the home buyers’ hands
What may not be great news for sellers generally means good news for buyers. There’s some strong factors behind why Perth is now a buyers’ market
The median house price in Perth is the lowest of any capital at $490,000 in June. (Source: REIWA Perth market snapshot
). This is a significant improvement in affordability making property more accessible to a larger proportion of home buyers.
There is no shortage of housing supply. Prospective buyers are spoilt for choice with options all over the Perth area. 14,847 properties were listed for sale at the end of June 2019, over 2000 more than the same time in 2014 (REIWA market update June 2019
Great news for the rental market
The Perth rental market is a major positive. Continued improvements are spearheading a whole market recovery.
With a low 2.9% vacancy rate, Perth is the most affordable capital city to rent in right now. (REIWA president address
). Boosted by the fact leasing times are much faster than selling times, many owners are now opting to hold onto their property and rent in out instead of selling.
Provided they heed the advice of expert property managers, owners have a very high chance of securing a tenant. All good news for the strong rental market.
Positivity from our Premier
Now is the time to buy in Perth, with our premier urging West Aussies to enter the housing market.
Speaking to local radio station 6PR a couple of weeks ago, Mr McGowan spoke highly of the Perth market compared with the rest of Australia.
“I actually think this is a very good time to buy so I would urge everyone out here to note that the cost of property here is much lower than comparable cities in the Eastern States, the rental vacancy rate is very low, Keystart loans are available at very low rates of deposit and very low impact mortgages,” he said. (The West Australian
Now’s your time! Buy now and get ahead
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