The Smart Way To Break Into The Perth Property Market

Investment properties in Perth have always provided good capital growth and rental returns, simply because of the growth in population, steady increase in rental demand thanks to a healthy mining and construction industry as well as increased spending on infrastructure such as transport.    Traditionally seen as dominated by the “quarter acre block” type of house out in the suburbs, Perth is now experiencing somewhat of a real estate revolution, with more and more off the plan and brand new developments coming onto the market.

 

The Chairman of the Real Estate Institute of Western Australia, Hayden Groves, believes that the increased sales of off the plan properties can be partly explained by increased confidence in the real estate market after the end of the global financial crisis[i]. Over the past few years developers in Perth have also been taking advantage of the record low interest rates to get access to cheaper loans, and they are now starting to build the kind of high-end apartment buildings that can be found in large numbers the other capital cities such as Sydney, Melbourne and Brisbane.

 

One of the main reasons for this is to satisfy an ever-increasing demand for both owner occupied and investment properties in Perth.  Property experts believe that there has been a gradual change in demographics, as well as a change in the way people want to live today.  Many real estate agents in Perth are finding that the market for off the plan and brand new developments has recently expanded from young singles to double income families and those wishing to downsize.  These type of buyers and renters do not want the expense and hassle of maintaining a large house and garden, and would prefer to live closer to the city in an apartment with all the mod cons.  The brand new developments that are seen as most attractive in the market are those with:

 

  • Easy access to the city, with good road and transport links
  • Access to schools, colleges or universities
  • Proximity to entertainment and shopping centres
  • Access to recreational facilities such as parks and beaches

 

For the investor, off the plan investment properties in Perth can provide buyers with significant discounts and stamp duty (or transfer duty) exemptions, as well as opportunities for tax minimisation strategies.  In a rising real estate market there is also the possibility that the off the plan property may increase in value between the time you put down the deposit to the moment of completion, which can often be one or two years.  The key to buying an investment property that will help you achieve your financial goals is to conduct thorough research and create a practical strategy for the long term.  Getting the assistance of a property investment expert such as Ironfish can also give you access to local knowledge, market research and opportunities to help you on your way.

 

[i] http://www.perthnow.com.au/realestate/news/buying-units-off-the-plan-is-booming-in-perth-real-estate/story-fnhlgriw-1226759137618

 

 

 

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