Coronavirus led to a downfall of our economy so people, especially aspiring first-time homebuyers, might think that now would be a really bad time for an investment in the property industry. However, things are the opposite for Western Australia.
With an economy that’s not dependent on tourism, travel-related industries, and the government’s relatively quick effective response to Covid-19, the property market in Western Australia is in a state of a boom.
So, for millennials and aspiring first-time homebuyers, now might be a perfect time. Here are a few signs that might convince you to buy a property in Perth sooner than later:
You might have enough money for a deposit right now.
First time home buyers are usually the younger market. This age range usually spends their money on lifestyle but because of the pandemic, this aspect has been largely restricted. Since there are fewer opportunities for them to spend their money on, they were able to save more money than what they had originally planned. With this, they might just already have enough money for a deposit sooner than they expected.
Perth real estate is the most affordable in Australia.
According to Property Observer, properties in Perth are currently the most affordable among all Australian capital cities. Hence, it is a perfect opportunity for first-time homebuyers. In real estate, it has always been advisable to purchase a home sooner, especially when the prices are low since the value projection in the upcoming years is usually positive.
Perth property market is expected to boom in the upcoming years.
As mentioned in our previous point, the projection for the value of a real estate is often increasing in the next several years. It might surprise you that the property you purchased this year might have already increased because of the growing demand in the Perth suburbs.
Due to WA’s quick response to the pandemic, the curve has been flattened sooner, lessening COVID19’s impact on our economy. This is contrary to what we initially forecasted. With the emerging economic growth and the current work from home situation, we expect a low-vacancy rate. Given this, we expect that the real estate market will rise in the next several years as we are currently in the early stages of a property boom.
The Building Bonus Grant is Perfect for First-time Homebuyers
The Building Bonus grant, which is part of WA’s recovery plan, grants $20,000 to any homebuyer who applies and signs a contract by December 31, 2020. The grant allows homebuyers to build a new house or to purchase a new property in a single-tier development.
This effort is aligned with Western Australia’s goal to rebuild the economy quickly. The government is encouraging workers living in other regions to consider moving to the area. So far, the campaign has been effective and according to several bank reports, Perth property prices are expected to rise by 12% in mid-2021.
There are so many reasons to purchase your first property in Perth as soon as possible. The property market is in a phase of high demand and prices will surely increase within a year.
Have you been planning to buy your new home? Consider buying a property in Perth. Get a free consultation from us today and we’ll help you answer any questions.