8 Ways the Border Reopening in Perth Can Affect the Property Market in 2022

On February 5, 2022, the WA border is set to reopen from a lockdown due to the global COVID-19 pandemic. This will give Perth real estate market another boost and is predicted to push prices further up. In 2021 alone, house prices in Perth increased by 13 per cent, and are expected to have another 10 per cent increase in 2022. 

Since the state has the most affordable suburbs along with other benefits, the border reopening might be your chance to move into your new home. If you’re a homebuyer, should you jump into this opportunity or wait some more? Here are some ways the border reopening can affect the property market in 2022:

1. Increase in housing prices

New arrivals from interstate and overseas migrants might increase demand for property amidst low stock levels. This growth in housing prices may be evident in the second half of the year as more companies open for recruitment and the population in Perth grows.

2. Easing border controls may result in stronger demand

When tighter border controls were implemented, it prevented WA from achieving high annual growth as seen in other states (Brisbane: 27.4 per cent, Sydney: 25.3 per cent, Canberra: 24.9 per cent). Open borders may push prices due to new arrivals and growing demand.

3. Interest rates may go up (or down) depending on the situation

Most analysts predict that the housing market will loosen up by 2023 as the Reserve Bank of Australia may increase interest rates to keep inflation at bay. 

4. Lending rules may lower house prices

In 2014 and 2017, tighter lending rules put downward pressure on house prices. In October 2021, the APRA (Australian Prudential Regulation Authority) also had tougher serviceability tests for home loans. 

While building more houses is the most obvious way to lower housing prices, this is not applicable due to labour shortage and a 30 per cent increase in construction costs.

5. Price gains in western suburbs and riverside areas

The western suburbs and riverside areas have also increased in terms of prices. However, local employment opportunities in the area continue to have a strong demand. As long as employment demand and lifestyle remain a driving factor to choosing a location, the outer suburbs will remain appealing to people. 

6. WA is still affordable 

Despite the increase in prices, WA remains an affordable state in the nation. Perth has the second-lowest median house value ($520,000) just behind Darwin ($498,168). Compared to the capital city, Perth had a median value six times higher than household incomes.

7. Increased rental demand

For those moving into a new area, the first thing that comes to mind is renting a property due to affordability and lifestyle concerns. As the borders reopen, demand for rentals will increase to accommodate people.

  1. People want to upgrade their homes (and may even be willing to pay a premium)

The effects of COVID-19 have changed our way of life, especially in terms of living arrangements and environment. Some are willing to pay more to achieve their wants and needs. This includes recognizing the value of a bigger and better neighbourhood, proximity to lifestyle places, and open spaces where we can be involved with socialisation activities. 

As the border reopens, don’t close opportunities to buy a home

Perth has always been one of the most affordable states in WA. With its proximity to the centre and other destinations, buying a house in this location is your best bet.

Take advantage of the border reopening. For expert advice, get a free consultation from the buyer’s agents at Buying Perth Real Estate. Contact Clive at clive@buyingperthrealestate.com or give us a call at (08) 6215 0200 or 0412 926 190.

A Buyer’s Agent’s Advantage in the Market

When buying a home, competition can be tough especially if you don’t have the experience skills, and connections needed. Because of this, an experienced buyer’s agent has a huge advantage in the real estate market when competing against other home buyers. Inexperienced home buyers can be at a huge disadvantage because buyer’s agents already have a headstart with the networks of connections that they have built throughout the years.

So before you dive into your home buying journey alone, consider these four reasons why a buyer’s agent has the advantage in the market and why you should hire one instead.

1. Selling agents contact buyer’s agents first

Experienced buyer’s agents often have a good relationship with selling agents. Since buyer’s agents buy many properties yearly, they’ve built years’ worth of trust and respect with selling agents. Selling agents also know to contact them first because it is easier to deal with people you have dealt with before. They know that the transaction will be smoother with a buyer’s agent than with an inexperienced buyer that they have not dealt with before. Thus, this gives them the first and exclusive access to many properties.

2. Buyer’s agents have years worth of skill and experience

An expert buyer’s agent is not built overnight. They have years or even decades’ worth of skill and experience that they have honed by buying homes. From searching and viewing properties, conducting reports and inspections, getting a valuation, and negotiating a fair price – buyer’s agents can do it all.

There’s also a good chance that they’ve inspected many properties in an area that a buyer is interested in and know with their eyes closed which properties are good offers and which ones have red flags.

3. Buyer’s agents can negotiate for a lower price than an inexperienced buyer can

One thing that most buyers struggle with when buying a home is how much they should offer for the property. Most buyers are not experienced enough to negotiate with the seller. As inexperienced buyers, they might have a hard time saying “no” if ever the seller wants to have a higher offer. 

Having a buyer’s agent will give you a huge advantage when it comes to negotiation. Their experience in real estate has given them enough knowledge to know how much a specific property in a specific area should cost. Depending on the current condition of the property, they can negotiate it for a lower price than an inexperienced buyer can.

4. Buyer’s agents can navigate through any issue

Throughout the whole home buying process, issues that arise are almost always inevitable. Although buying a home can be exciting, from the home inspection to negotiations until closing, there might be some hurdles that can discourage the buyer.

This is one of those instances when having a buyer’s agent is most beneficial. If ever there are issues that arise in your home buying journey, experienced buyer’s agents can take care of it and provide you with possible solutions to get through it as efficiently as possible.

5. They have access to experienced professionals.

In purchasing a home, several professional transactions will be involved. You’ll probably need a mortgage broker, a building inspector, and a real estate settlement agent, among others. Good thing that buyer’s agents can provide you with recommendations on the best options for these professional transactions.

A well-experienced buyer’s agent has enough connections with professionals that can provide you with high-quality service.

A buyer’s agent will help you stand out in the buyer’s market

Given their experiences and knowledge in the real estate industry, a buyer’s agent doesn’t only know how to find the best property for you. Real estate can sometimes be a competitive market and these experienced buyer’s agents can definitely provide you with solutions and recommendations on how you can stand out among other buyers. An effective buyer’s agent will help you set an offer that will eventually seal the deal for your dream home. 

Want to know more? Give us a call at 08 6215 0200 or send an email to clive@buyingperthrealestate.com. We’d love to give you a free consultation and walk you through the whole property buying process.

7 Practical Ways to Renovate Your House

What’s the first thing that comes to mind when renovating your house? Is it expensive? Stressful? Don’t have time for it? 

Depending on the extent of the project, it can be all three. But the good news is that there are practical ways to renovate your house that won’t stress you out with money and time concerns. 

Renovation takes time so you can plan carefully, especially if you’re on a budget. Make some necessary fixes on your house  with these tips:

1. Prepare your house

Before putting in major work, you have to go back to the basics first by preparing your house so you can focus on the main renovation process. Consider doing the following steps to get started:

  • Remove curtains and other things that may collect dust/allergens
  • Cover furniture
  • Set aside the fragile and expensive objects
  • Remove unnecessary items and items inside cabinets/closets
  • Put your essentials in a box

2. Go for efficiency

The popularity of multi-purpose and custom-designed furniture can do wonders for when you need to renovate your house to add more space. Consider replacing your shelves with tall cabinet pull-out drawers (at least 20cm wide) to store more food items. You can also upgrade some of your furniture by having seats with in-built storage underneath for extra storage.

Choosing to be efficient doesn’t just give you more space, but also gains in the long-term since you’ll be cutting down possible costs for additional furniture and remodeling. If you need to upgrade your furniture, you can visit an auction or wait for bargains/sales for more savings. 

3. Welcome the natural light

Don’t hastily put a big hole on your wall just to add windows for more light to come in. You can brighten your home without buying an additional window by rearranging some objects or installing a light tube to distribute more light.

4. Refresh your rooms

When you come inside a room, the first thing you would notice is the color. This is why a simple paint job can do the trick to change the overall feel of your rooms. If you have decorating mistakes in the past, you can coat them with white paint. Give your washed-out and dreary walls a makeover by coating them in colors that will match their purpose. 

5. Donate your extra items

When decluttering, you can donate or sell some of your extra items to organizations and recycle centres. This way, you can save space in the landfill, contribute to a good cause, or help a neighbour in need of your items.  

6. Set your limit

Depending on your allotted budget and plans, setting a limit so you won’t go overboard will save you from additional costs and stress. For starters, you can allot a specific budget per room and stick to it. 

If you have some extra materials or money from renovating other rooms, you can reallocate it to the next room instead so you can maximise your resources. Mixing and matching materials can also add a flair to your room due to its variety. 

7. Ask for help

Make a schedule on when you plan to do most of the projects and invite some friends or loved ones to share the work. You can also ask other people who have successfully renovated their homes on a budget for advice or opinions to guide you in the process.

Home renovation doesn’t need to be expensive

Buying a house is a long-term investment. Make sure to renovate so the value of your home also increases over time. 

If you’re ready to invest in a new home and need some help, you can always get a free consultation from the buyer’s agents at Buying Perth Real Estate. Contact Clive at clive@buyingperthrealestate.com or give us a call at (08) 6215 0200 or 0412 926 190.

6 Mistakes to Avoid When Choosing Your New Neighbourhood

You may have found the perfect house, but does it come with the perfect neighbourhood that suits your lifestyle and needs? When choosing a house, you also have to research what kind of neighbourhood it has to make sure you’re a perfect fit for its community and to avoid having a deal-breaker.

Take note of these mistakes to avoid when choosing your new neighbourhood:

1. You’re focusing too much on the amenities

It’s good to live in an area that has it all. But while amenities are a priority, you also have to consider the neighbourhood’s safety, cleanliness, proximity to the centre and roads, and the residents. If a neighbourhood you’re looking into checks all these pointers, then you can consider it a good deal.

2. You’re not doing enough research to cover your future

That neighbourhood may be the talk of the town right now, but what about its future? You may be living alone right now, but what if you want to live with your own family in the years to come or vice versa? Take control of your future by researching the neighbourhood’s social media pages and news articles to have an outlook of its investment prospects, future projects, and lifestyle. Don’t just base on assumptions and hype, research is important so you’re not going to be limited and unsatisfied when the time to move in comes. Not every high-priced neighbourhood is automatically the best choice in the market.

3. You’re not touring the neighbourhood 

When visiting your prospect neighbourhood, make sure to talk to the residents and explore every street and corner. This gives you a glimpse of what it’s like to live there every day and how you can live in harmony with your neighbours. Ask about how peaceful it is or their opinions about the area, as well as some events and activities the homeowners association conducts. Look at the type of houses and the spacing between them. Search how close it is to the roads and how many amenities there are nearby.

4. You’re forgetting the financial burdens

Moving to a new neighbourhood has a hefty price so you and your wallet must be financially-prepared for the costs. To prepare yourself, set aside a budget that takes into account the price of your house, taxes, insurance, renovation costs, and personal needs. Before purchasing a house, make a list of your prospects, compare their prices, and weigh the pros and cons of living there.

5. You’re not thinking of your living preferences

Do you want to go rural or urban? Whether you want to be in the centre of vibrant living or away from the hustle and bustle, you have to make sure your neighbourhood fits the kind of life you want. If you want to be in the middle, Perth has suburbs that are near the CBD while making sure you’re having a moment of peace and quiet whenever you go home. In terms of house design, there are suburbs that have their own charm by mixing old and new types of homes.

6. You’re not excited about moving in

Let’s say you’ve already avoided doing the mistakes above, the final step is to be excited about your new life! It’s a big move and you’re up for a new adventure in a new neighbourhood. Be happy that you’re just a moment away from achieving what you’ve been thinking and preparing so hard for. 

You’re Not Just Buying a House, You’re Buying a Neighbourhood

Don’t just look into the kind of house you would like to purchase. You also have to consider the surrounding neighbourhood to ensure you can live with peace of mind and satisfaction for the years to come. Remember that you’re going to be living there for a long time so you really have to take everything in consideration to achieve your dream home and community. 

Let us help you find your ideal house and neighbourhood in Perth. Get a free consultation from the buyer’s agents at Buying Perth Real Estate. Contact Clive at clive@buyingperthrealestate.com or give us a call at (08) 6215 0200 or 0412 926 190.

9 Signs that Say it’s Time for a Home Renovation

When was the last time you took a walk around your house? When was the last time you did some fixes and repairs to return it to its pristine condition? Since we spend most of our time in our homes, we have to take extra care of it, and neglecting simple signs of wear and tear can lead to major costs and loss. 

Your house needs attention as well. Here are some signs that say it’s time for a home renovation:

1. Chipping paint

Among the many parts of your house, the walls are the most exposed to sunlight and dirt. While the interior may need some repaint here and there to refresh it, the exterior is a different story since it deteriorates faster and may need frequent touches to fix it. Remove chipping and old paint as soon as possible to improve your house’s appearance. 

2. Stained bathroom

Your bathroom is prone to stains, cracks, dents due to frequent use. If you’re looking for a house or planning to sell yours in the near future, a stained bathroom may be a deal-breaker so make sure to do necessary repairs to ensure its cleanliness.

3. Leaking roof

When you see random droplets of water appearing during or after the rain, it’s a sign of a leaking roof in need of immediate repair. Leaving a leaky roof for too long can lead to huge costs and other issues such as further roof damage, corrosion, mold, and water stains. 

4. Worn-out flooring

A worn-out flooring will leave you watching out for every step you make. Flooring in need of repair shows visible signs such as worn-out grouting, cracks, uneven/sunken parts, squeaky, smells musty, and loose (especially for floorboards). If you have carpets installed, you have to change them every 10 years. 

5. Dated appliances

Having energy-efficient and smart appliances is advisable since it cuts costs on your bills and makes your life easier by streamlining chores. Outdated appliances may leave you paying for more and may limit you from having comfort and function with every use. 

6. Drainage issues

If your sinks and toilets get clogged often, it’s a sign that your drainage or plumbing system is in need of fixing. Monitor your drainage and plumbing to avoid major damage and ensure proper waste flow.

7. Damaged foundation

If your ceilings and floors show clear signs of rust, termites, and insects, it may be a sign of a rotting and damaged foundation. Depending on the extent of the issue, you may need to replace some parts or do a complete rebuild to avoid other causes for concern.

8. Old kitchen

If you notice that your kitchen needs to be spiced up (no pun intended) with colors, a new set of fixtures, old appliances, and lacking countertops, it’s time for some renovating. Since this is a function-heavy space, it’s important that your kitchen is in good shape so you can make meals in peace.

9. Not enough space, or too much space

When it comes to space, it’s either you have too much or too little. Depending on recent changes in your life, you may need to repurpose rooms to make way for office setup, guest room, or playroom. If it feels too crowded, you can remove some walls and transform them into a wide-open space or turn it into an outdoor living area.

If you can relate to these, it’s a sign to contact us!

The signs don’t lie and you have to take steps in order to renovate your house before it’s too late. To help you in your home renovation, you can get a free consultation from the buyer’s agents at Buying Perth Real Estate. Contact Clive at clive@buyingperthrealestate.com or give us a call at (08) 6215 0200 or 0412 926 190.