There is simply no better time to invest in Perth’s property market than now. According to the CoreLogic Hedonic Home Value Index, Perth’s home values have continued to drop, down a further 2.4% in February, resulting in an annual downturn of 4.5% – and a downturn of 10% since December 2014.
These figures may be disheartening for sellers, but it indeed indicates that Perth is currently a buyer’s market. Therefore, if you’re looking to buy a new home – whether to move into, as an investment or to flip, now’s the best time to do so.
Continue reading this article as I list 5 reasons why you should consider investing in a property in Perth now. You can thank me by choosing to buy products for your new home from us at Ross’s Discount Home Centre.
1. Perth’s is a buyer’s market currently
Like I mentioned, with Perth’s home values dropping, now is an excellent time to invest in Perth’s property market. So, if your financial situation is stable and you’re not working in the mining industry (which is in utter chaos), you should definitely jump into Perth’s property market.
Moreover, experts reveal that with the bottoming of the Perth market, buyers can avail of incredible bargains. There are several pockets of opportunity just waiting to be taken advantage of. If your job is stable and you want to own good property, you must invest now.
2. There are excellent buyer incentives to take advantage of
If you decide to invest in property in Perth now, there are excellent buyer advantages you can take advantage of. First of all, banks are offering exceptionally low-interest rates, making it possible for many to consider an investment.
Furthermore, real estate agents in Perth are offering various giveaways with property purchases. From iPads to cars, you can avail of several freebies if you invest in property now. And the biggest incentive is that the WA Government has raised the First Home Owners Grant from $10,000 to $15,000.
With so many incentives up for grabs, why wouldn’t you want to invest in property now?
3. Pockets of Perth’s property market are still growing
Perth may certainly be experiencing a downturn in property prices. However, real estate experts reveal that there are certain Perth suburbs which are still growing.
Properties in Boya, Eglinton, Kallaroo, Menora, Parkerville, South Guildford and Woodbridge have been experiencing good growth. Similarly, apartments in Attadale, Bayswater, Forrestfield, Mount Hawthorn, Mount Pleasant, Shenton Park, South Fremantle and Waikiki have also demonstrated growth.
All of these suburbs have witnessed an increase in median sales prices from December 2015 to November 2016.
4. Investing in apartments is also an option
I understand that not most people are interested in investing in houses or property in Perth. However, you should not discount apartments out of the equation. Given that house demand is higher than apartment demand, apartment prices are much more affordable.
One great strategy is to invest in an apartment and renovated to meet your needs. This way, you’ll own a luxurious apartment at a much smaller investment.
And, for all your renovation products, consider us at Ross’s Discount Home Centre. We stock everything ranging from tiles, kitchen, laundry and bathroom products, tapware, appliances, furniture, doors and windows and much more! We’re your one-stop-shop for all home renovation products in Perth.
5. Perth’s property market is expected to recover swiftly
I’m sure you’re thinking that Perth’s property market will take a long time to recover. But this is certainly not the case. Already, certain suburbs of Perth are witnessing growth and experts anticipate prices to rise within a couple of years.
Perth’s downturn is definitely not a decade long prospect. Economic growth may have slowed down, but it is certainly recovering.
So, instead of waiting around, purchase your property in Perth now!
There are several reasons you should consider investing in Perth’s property market now. Thanks to the economic downturn, Perth is currently a buyer’s market. There are also excellent buyer incentives you can take advantage of. Furthermore, certain suburbs of Perth have witnessed an increase in median sales prices last year. While you can invest in properties, investing in apartments is also an option. Finally, experts anticipate Perth’s property market to start recovering within a couple of years.
And, if you need any wares or renovation products for your new home or apartment in Perth, look no further than Ross’s Discount Home Centre.
Take a look at our online store to see our extensive range of renovation products and homewares today!