A recent upswing in Perth’s housing prices has industry experts wondering if a slow and steady rise is about to begin. What does this mean for potential homeowners and downsizers? Is it smooth sailing ahead?
The lowdown on Perth’s property market
According to RP Data CoreLogic’s Home Value Index, in November 2019 Perth experienced a 0.4% increase in the overall property market. This was the first upswing in over a year and has put a glimmer of hope back into many homeowners’ eyes. While the housing market has struggled, the rental market has remained steady. Weekly rent prices have also experienced a slight jump reaching $370 per week and the vacancy rate was at a low 2.3% to finish out 2019. Both increases have property experts optimistic that Perth’s market is soon to recover. However, it’s important to note that property prices fluctuate often and any significant rise in the market will take time.
How to take advantage now
If the property market does begin a steady upswing, you might find yourself struggling to enter the market in a few years’ time. Low median house prices are a fantastic opportunity for first home buyers to secure a sizeable investment at a fraction of the cost. They’re also an ideal opportunity for downsizers to choose their retirement location – whether they intend to live in it now or rent it out for the foreseeable future.
New government funding is in place Finance your retirement
The latest government rebate provides up to 75% off stamp duty for purchases of off-the-plan apartments. The incentive is also aimed at increasing employment opportunities in construction.
An off-the-plan apartment is an ideal option for downsizers. It allows you to invest in your retirement property now but wait to move in and complete payments once the project is complete. With the extra concessions provided by the government, there’s the potential for thousands of dollars in savings – which you can put towards your new retirement lifestyle.
You can check your eligibility for a range of government assistance programs with their online estimator tool.
Find your next opportunity with Norm Carey
Smart property investors and homeowners see a struggling property market for what it truly is; a land of opportunity. With a project portfolio covering both the residential and commercial sectors, Norm Carey has plenty of great opportunities to make your mark with property. To learn about our latest projects, enquire with our team using the online form.