Have you thought of buying or investing in a property in Western Australia? Do you think you are financially and mentally ready to purchase a new home? Aside from considering your finances, one of the many things that you need to take into consideration when purchasing a property is timing. Knowing the right time to buy a property can help you lessen the risks of your investment and avoid a sudden drop in the value of your property.
To know if you are buying a property at the right timing, you need to do your research. You can also seek help from your buyer’s agent to give you information about the real estate market in WA.
With the current COVID-19 pandemic, purchasing property might be currently out of the question for investors due to the economic crisis that most countries face. But the situation of the Perth real estate market is different.
Perth’s Economic Rebound
Perth is one of the cities that made a very efficient response to the pandemic. Although the city had lost several months to lockdown, they immediately made a fast recovery from COVID-19’s economic impact. Thanks to the WA government’s well-controlled handling of the pandemic.
Since WA isn’t reliant on greatly affected industries such as tourism, the global economic turmoil had a lesser negative impact on them compared with other areas. Perth’s economy has been sustained by its continuous income from the mining industry. Moreover, the prices of iron ore and gold, which are WA’s major commodities, have surged and helped with Perth’s economic rebound.
Perth’s economic recovery also provided an opportunity for a growing property market.
The Situation of Perth Real Estate Market
Perth’s real estate market was quick to bounce after months lost due to the lockdown. Due to historic low-interest rates that are being offered by banks and other lenders, a stronger and wider demand has gone up. With the help of government incentives such as Homebuilder support and stamp duty concessions as well as the growing interstate migration from the resources sector, demand continues to grow while supply remains tight.
Add to that the improving economic atmosphere as vaccines begin to roll out and businesses start to reopen, Perth’s dwelling price growth according to Real Estate of West Australia (REIWA) is expected to rise at a rate of 15% in 2021 and 2022. With further growing confidence in Perth’s real estate market, Perth’s real estate market is on track to record double-digit growth for the first time in 11 years.
If you are deciding if it is a good time to buy a house right now, we would say yes. Now is indeed a good time to buy a property in Western Australia, but be careful to select areas that will give you certain growth.
Use an experienced Buyer’s Agent to guide you through the process of finding, negotiating, and guiding you through to final settlement. Get a free consultation from Buyer’s Perth Real Estate and connect with experienced buyer’s agents or call Clive Elliot at (08) 6215 0200 or 0412 926 190.