Our prediction: Those who snooze for much longer are going to lose!
You may recall in our last edition we mentioned the prospects of the resources industry having another big spend-up, the fact that the rental vacancy levels in Perth are tightening at a remarkable rate and that 10 reasonably upmarket suburbs have had quite significant price growth over the last year.
At the risk of sounding as though we’re being excessively bullish, we have to report that there continue to be a lot of positives out there.
Interest rates are falling, consumer confidence is rising, there is certainty in our government and taxation system, and the banks are starting to loosen the screws and lend a bit more.
This has meant more people are applying for home loans and more people are coming to home opens.
Considering we’re entering mid-winter when the market is traditionally slower, our feelings about the Perth property market have not abated and continue to be buoyant.
There are still good buys to be had in the property market and we continue to strongly believe that there has never been a better time to buy than now.
Adding to this, we are starting to achieve increases in rent levels in quite a few areas. This will gain momentum as we head towards warmer weather when activity picks up.
Another interesting factor that many people may not be aware of is that Perth’s population is forecast to rise by 1.5% next year.
This will make the rental market tighter still and it will soak up some of the properties for sale in the lower priced suburbs.
So in short: If you’re in a position to buy for either an investment or for upgrading to a bigger home we really do think that if you snooze for much longer you’re going to lose.
This fact has already been shown in the 10 upmarket suburbs that have had price rises and it is just a matter of time before the trend spreads across the whole market.
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