It’s no secret that the Western Australian property market has seen better days
The mining industry has slowed, consumers are spending less, house prices have fallen and confidence has dropped - Perhaps is it time to buy property in Perth?
Many would be quick to jump on the bandwagon tell you that you were daft for even asking the question.
However, many of Australia’s leading property experts would beg to differ.
“In Perth, it's a classic case of confidence being below fundamentals." says Gavin Hegney, of Hegney Property Group.
“I think there's less far risk of buying into Perth today than buying into the Sydney market… the downside risk in Perth is limited”
"At some stage in the next 12 months it will be the perfect buying market in Perth."
Confidence is key! West Aussies should try not to consistently think negatively and trick themselves into a recession. The jobs that the mining and construction booms created have not all evaporated, many permanent jobs were created
“The long term, the outlook for WA isn’t bad!” According to Momentum Wealth director David Collins. Population may have slowed but we still have the fastest-growing population rate in the country. The market has always had cycles and we are just in a low point. The cycle will go back up!
Some say the low point of the cycle may have already been reached
Reiwa.com data shows that Perth’s overall sales number increased nine per cent to 616 sales across the week ending 6 October. This is the first upturn in sales reported for quite some time and can mainly be attributed to a significant 52 per cent increase in total land sales and a 21 per cent increase in unit sales. House sales also lifted across the week, by a more modest one per cent.
So don’t think that you can’t go near the property market in the current state of the market. With motivation, confidence and some good research you find yourself a great investment property or a bargain dream home!
Whilst you’re saving money on the buying property, you might as well save money on the fees involved too. Settlement fees state wide have dropped, with agencies such as Vicki Philipoff Settlements offering some incredibly great rates to finalise your property transaction.
Before you know it the whole state will be on the buy-buy-buy bandwagon again, it’s the people who make smart moves now that will come out on top
- Nick Boehm