When it comes to property, timing and location are most important. Find out if it’s the right time to buy with our latest blog about house prices Perth.
Housing in Perth: Is Now a Good Time to Buy?
If you can’t rely on the property market staying the same, how do you know when it’s the right time to buy? Ultimately, it’s about understanding how dips in the market are really presenting uniquely affordable opportunities to join in the world’s longest running investment. We take a look at Perth’s current housing market and how you can make the most of it.
Australia’s attitude towards property
In their recent Quarterly Reports for Q2 and Q4 2019, ME Bank reported that Australians were fairly positive about the state of the property market overall. For both surveys, affordability of the housing market remained a main concern. However, falling prices were good news for some – with 86% of first home buyers and 59% of investors feeling it gave them more opportunities to enter the property market or expand their portfolio.
House prices Perth are at a low
House prices in Perth have been taking a hit, with experts speculating that there’s an oversupply and less demand now that the mining boom is slowing down. While some see this decline to house prices in Perth as something to worry about, others recognise the house prices in Perth as a great opportunity that low median house prices afford. Foreign buyers and interstate investors have set their sights on some of Perth’s most beautiful suburbs where they find fantastic lifestyle features at a fraction of the cost of other cities . This outside interest suggests that supply won’t overtake demand for long, and that now is a prime opportunity to enter the market for a lower cost.
It’s always a good time to buy – if you plan to stay
Buying a property, whether as an investor or an owner-occupier, is a long-term investment. You need to be patient enough to wait out a property slump so you’re around when the property market picks up and can reap the rewards. Location should be one of your deciding factors. Being close to public transport, easy access to the city and great parks, recreation and amenities nearby are all factors which improve your liveability, and in time will push up your property price. New developments tend to be well-located with developers taking the time to research up and coming suburbs, as well as already established areas worth building in.
Find your dream property in Perth with Norm Carey
Norm Carey has developed many luxury residential projects in Sydney, Melbourne and Perth over the past 30 years. With a portfolio featuring both apartments and homes, we’ve worked on turning many heritage-listed buildings and underappreciated blocks into beautiful new homes. Take a look at our most recent residential project in Gilbey Lane, WA or enquire with our team for more information.