The Property Market Is On The Move !
It’s good news for owners, investors, people with property!
The Reserve Bank of Australia (RBA) have indicated that interest rates are likely to stay low for the next 3 years, which is unprecedented. And even though we are living in unusual times, the property market is going to remain strong for time to come, especially with interest rates as low as 1.89% at the moment.
Possible Property Price Boom
The latest Corelogic data shows that the property market has grown by a national average of 6.6% even with state lockdowns and border closures. With the exception of Victoria, the rest of the country is going from strength to strength when you factor in what we as a nation have been through in the last year.
And when you look at the in-rural house prices over the past twelve months, you’ll see that values have increased by over 30%
Last year a generally predicted an economic V curve bounce and it’s clear that the bounce is happening and for those who are getting into the market will enjoy strong capital growth, especially over the next couple of years.
The reason for the increase is the thousands of buyers on hold during Covid & lockdowns plus another layer of buyers coming from interstate to lie in WA one of the most isolated place in the world. Which means its safe, healthier, more controlled, community controls.
From Strength To Strength
People are continuing to see property as a strong vehicle to future proofing their retirements however with the increase in values of rural properties, potential property, people are also looking at lifestyle as an important factor when buying. It’s becoming clear that people are wanting more security, less risk, passive income, real returns from real estate. Plus the option of independence with autonomy no longer required to work in an office, this making ‘the home’ a bigger lifestyle decision.
International Friendly Invasion
Over the next serval years West Australia will be at a place in history of being one of the most popular places on the planet. Its safe, secure, clean, healthy, new, only a century old in most cases with buildings, with a massive amount of land that could increase the population in the metro area by 50% in a decade. Over the last 5 years work around the state of WA has been massive with development, infrastructure, transportation, community services has been super charge by local government &, shires, regions. Over the next 5 – 10 years will be exponential. It would be naive not to think that things will remain the same with normally 500 sales of property per week. Given there are 1000 auctions in Melbourne & 1000 in Sydney every weekend with twice the price as Perth. Plus signs of overcrowding issues in basic community services. Its becoming obvious that property in WA it will double, triple of multiply with up to maybe 2000 sales activity per week. This will therefore see values rise due to supply & demand. There is hundreds of thousands of people & families planning, wanting to come to Perth Western Australia.
Real Tips
As investors you need to be mindful of your property selection. We are living in unprecedented times and the reaction to the property market is demonstrating that. If you’re thinking of getting into the property market, now would be a great time to do so ASAP!
Buyers Beware
The market is now rising, you must be savy, smart & swift. But also a hot market opens the door to poor properties selling above real value due to perception. Make sure you get “The Real Deal Report on every potential purchase. An assessment to authenticate potential property is very important & will save tens of thousands along with avoid pitfalls & losses.
Real Deal Report : realdeal@iinet.net.au
MRES : Buying Agent : mres@iinet.net.au
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