4 Reasons Why You Should Retire In Perth

Want to move to a different city when you retire? Perth could be the ideal city for you. While each person will consider distinct factors when looking for a place to retire, Australia’s sunniest city is likely to tick most, if not all, of your boxes. Here are four reasons you should retire in Perth. 

1. Weather

If you want to retire in a warm city where you can enjoy plenty of time under the sun, then Perth is your best bet. With an average of 8.8 hours of sunshine per day, Perth is the sunniest city in Australia. December and January are the sunniest months in Perth, with an average of 12 hours of daily sunshine.

Perth’s idyllic weather makes the city a great place to enjoy the outdoors. You can take walks around the city’s numerous parks, enjoy al-fresco dining in a wide variety of open-air restaurants, or take a swim in one of several picturesque beaches. Regardless of the type of outdoor activity you like, Perth’s warm weather is sure to embrace you.

2. Affordability

When you retire, you want to make the most of your retirement income. Affordability is a major concern for any retiree, which is why it makes a lot of sense to retire in Perth. 

According to data, Perth is currently the most affordable capital city in Australia to buy a house in. As of June 2021, figures show that Perth has the lowest median house price among Australia’s capital cities. If you want to buy a retirement home in Perth, then now is the best time to start planning.

It isn’t just housing that’s cheap in Perth. The general cost of living in Perth is also affordable, and the prices of goods and services have significantly decreased over the last few years. Furthermore, the Economist Intelligence Unit has ranked Perth as Australia’s most affordable capital city. Perth is definitely an excellent choice for anyone looking to stretch their retirement money.

3. Healthcare

When deciding on a retirement city, easy access to healthcare should be one of your top priorities. Australia’s healthcare system has always ranked as one of the world’s best, and things are no different in Perth.

If you choose to retire in Perth, you’ll have access to numerous private and public healthcare. Some of the biggest hospitals in Perth include Royal Perth Hospital, Fiona Stanley hospital, Sir Charles Gardiner Hospital, Princess Margret Children’s Hospital, and Joondalup Health Campus. Plus, numerous Private hospitals such as the Mount Hospital, St. God of Johns Murdoch, and Hollywood Hospital.

As you age, you’ll also be able to get the services of specialists when necessary. Perth also has a large network of specialists for retirees and the elderly such as cardiologists, neurologists, ophthalmologists, and physical therapists.

4. Arts, entertainment, and culture

Perth is a great city for you if you want to spend your retirement admiring paintings, sculptures, and other works of art. The city has a ton of great art museums such as the Art Gallery of Western Australia (part of the Perth Cultural Center), the Museum of Performing Arts, and Linton and Kay Galleries.

If you’re a fan of concerts and live music, Perth offers many of those events as well. The Perth Arena (RAC) has hosted world-famous artists like Elton John, Journey, Michael Bublé, Cher, Celine Dion, Mariah Carey, Fleetwood Mac, and many more.

Prefer sporting events to live music? The Perth Arena also hosts sporting events that include basketball, tennis, and even mixed martial arts.

If you’re looking for the ideal retirement home in Perth, the experts at Buying Perth Real Estate can assist you. Our experienced buyer’s agents can help you find the best deal for the retirement home you’ve always wanted. Feel free to give us a call at 08 6215 0200 or send an email to clive@buyingperthrealestate.com.

4 Financing Tips for First-Time Homebuyers

Before buying a home, coming up with a financial plan is one of the first crucial steps. With factors to consider such as mortgage and home loan plans, getting preapproval, and putting down a deposit, it can be overwhelming especially for first-time homebuyers. Making time to research and have a financial plan for your home buying journey is essential. Learning about financing basics lets you plan your steps properly and can help you save time and money.

Here are four financing tips for first-time homebuyers:

1. Build a strong credit score

Before you even start looking for your dream home, build a strong credit score first. This means clearing your debts, increasing your credit limit, and paying your bills on time. A credit score is a crucial factor that lenders look at when deciding whether or not a borrower is qualified for a loan. It directly affects the mortgage deal that your lender will offer. 

Borrowers with high credit scores are considered by lenders to be of lesser risk as they appear to be more credible in paying loans on time. This results in the lender offering a lower interest rate. Hence, you’ll be paying a lesser amount of money in total throughout the loan period. On the other hand, if you have a low credit score, the lender might not approve your application or give you a higher interest rate to compensate for the risk of the mortgage loan.

2. Choose between a fixed-rate or variable-rate mortgage

Another financing basic that you should know about is what type of mortgage is right for you. You’ll most likely be choosing between a fixed-rate mortgage or a variable-rate mortgage. In a fixed-rate mortgage, the rate does not change throughout the entire period of the loan. This is beneficial as you get to plan and stick to your monthly budget as you know how much you need to pay per month for the loan period of the fixed loan.

A variable-rate mortgage, on the other hand, is for buyers who expect to have an increase in their income throughout the course of the loan period. In a variable-rate mortgage, they may provide you with a lower introductory rate for the first few years of your loan. However, this type of mortgage is highly dependent on market interest rates. Hence, it can be risky if your income doesn’t grow along with the growth of your loan’s interest rate. 

3. Choose the right type of loan

There are different types of mortgage loans in Australia to choose from depending on what type of property you want to acquire and on your financial needs as a home buyer. It is important to take your time in researching the different types of loans that you can apply for and to carefully weigh which one will benefit you more.

For home loans based on property type, the most basic mortgage is the owner-occupier home loans for homebuyers who intend to live in the home that they are purchasing. If you are selling a home while looking to buy one to move in, the bridging loan might be right for you. Meanwhile, a construction loan is for those who opt to buy land and construct a new home from scratch. Investment home loans, on the other hand, are for buyers who intend to rent out their property.

There are more types of home loans to choose from depending on your situation. Each type of home loan provides special conditions for each situation, so it’s best to know the best mortgage loan. An experienced buyer’s agent can help you choose a reliable mortgage broker that can help you meet all your needs and financial capacity.

4. Prepare for the deposit

Before you decide to buy a house, it is important that you save up enough money for a deposit. A deposit is one of the first things that you need to pay for once you secure your mortgage. While saving up for a deposit, you also need to make sure that you have a secure source of income and enough emergency funds after you’ve paid the deposit. 

Make sure that you do thorough financial planning before purchasing a house to avoid straining your future finances. The buyer’s agent at Buying Perth Real Estate has the expertise and experience to help you get started in your home buying journey. Contact us at (08) 6215 0200 or 0412 926 190 or send an email to clive@buyingperthrealestate.com for enquiries.

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.

5 Reasons to Move to Perth, WA

We’ve all dreamt of living in the best city in the world. But what exactly do you look for to consider a city the best place to live in? Is it convenience? Accessibility? Nearby establishments? Finding the best place to live greatly depends on your lifestyle. Imagine what kind of lifestyle you would like to have. Then, find the best city that can satisfy your needs and wants based on the lifestyle you have dreamed of.

Are you looking for a vibrant city with lots of restaurants, museums, and theatres that you can explore? Or are you more of an outdoor-loving type of person? If you want to have the best of both worlds, moving to Perth in Western Australia might be your best option! 

Here are five awesome reasons to move to Perth:

sunny weather in perth

1. Great weather

If you’re looking for a place where you can wear casual footwear (thongs) and head to the beach when you want to, Perth is a great place to live as it almost always summer. Although it can get hot and dry during the summer months, most months are sunny with a light cool breeze. Days during winter are mild with only occasional rain, and it never snows!

people using public transportation in perth

2. Easy and convenient transportation modes

Convenience is a key factor why people choose to live in a specific location. When it comes to convenient transportation, Perth definitely won’t disappoint you! Getting around the city of Perth is easy with the public transportation services that are frequently available. There are two train stations and different bus ports that can take you around the city and into the suburbs.

If you prefer an active lifestyle, you can opt to take a walk around the city as Perth has excellent pedestrian paths. Also, along with the pedestrian paths, Perth also has the best bike paths and provisions for bike parking. In fact, many like riding their bike to work. You can maintain a healthy lifestyle by substituting car rides with bike rides. Moreover, you get to lessen your carbon footprint and help look after the environment.

perth downtown skyline

3. High Quality of Life

When it comes to the quality of life, Perth tops business freedom, safety, healthcare, and environmental quality. The crime rate is also low in Perth while having more spacious and less crowded areas.

The lifestyle of most people in Perth is more laidback than in most cities, yet the median salary is relatively high. With an efficient transportation system and high regard for living a quality life, people have more time to spend with their loved ones and to take up hobbies and activities that they love outside of work.

downtown district in perth

4. Rich cultural experiences

When living in Perth, you can be exposed to different cultural experiences. Perth CBD is home to many art galleries, museums, and theatres. Enjoy a family day out exploring different museums around the cities while schools also have school holiday programs to teach kids to make their own art.

Many people from around the world live in Perth and it has also become a melting pot of different cultures. Perth’s food scene is composed of different cuisine around the world that can be explored through different restaurants in the city and suburbs.

a beach in perth with people and families

5. Endless outdoor activities

Aside from Perth’s convenient and vibrant city life, it is a great place that has endless outdoor activities for families. As a bonding activity, families can enjoy the fresh air and beautiful view within Perth and the suburbs by going on bike rides together. There are a lot of biking paths which makes it a safe place to enjoy biking with your children. If you are not a fan of biking, you can relax while your kids are playing in the park. You can choose among Kings Park and Botanic Garden, Langley Park, Ozone Reserve, and Queens Gardens.

Also, Perth has Australia’s best beaches. Explore the scenic view or Mettams Pool, the fine sand and crystal clear ocean of Cottesloe Beach, or enjoy the restaurants and bars at Bathers Beach Fremantle. May it be fishing, swimming, or just chilling with a few beers by the beach, you can never get enough of all the activities that the beaches in Perth have to offer.

Planning to move to Perth?

Are you already convinced because of all these awesome reasons to move to Perth? Explore your options by having a consultation with the experts at Buying Perth Real Estate. Feel free to give us a call at 08 6215 0200 or send an email to clive@buyingperthrealestate.com.

Our experienced buyer’s agents will give you recommendations on the Perth property that is best for you. We are here to help you find your perfect home in Perth, Western Australia.

Why You Should Invest In Developing Areas

Have you been thinking about why you should invest in developing areas? When buying a home, one of the most important things that you should consider is the location of the property. In fact, location is key when it comes to investing in real estate. A property’s features and condition can also be changed and improved, but you can’t change its location.

While most people would prefer to live in the city centre, properties in this area are usually limited and more expensive. Consider buying a property in places where there are plans for future development. Upcoming city centres are cheaper, but with developments in place, their prices are sure to increase in a few years. When you invest in developing areas, you are definitely making the right long-term choice.

Here are some reasons why you should invest in developing areas:

a lot of available land and space

Land availability

Unlike developed areas, locations that are still under development have more lands that are still available as a big portion of the area is yet to be developed. With this, you will be able to have more options and have the chance to choose the best lot available.

However, though this would seem to be an advantage for a buyer, you should still do your research about the location. If a big portion of land is still available for quite a while, it can be a sign of low demand. If it stays this way for a longer period of time, it can affect the future value of your home. 

It is best to check with your buyer’s agents as they are more knowledgeable and they have the connections and means to gather necessary information about your target location.

invest in developing areas to grow money

You can invest at a lower price point

Since the demand for property is lower for developing areas, you can buy them at a lower rate compared to those in highly developed areas. There tend to be fewer buyers and more supply since the value of this area has not been recognized yet. Once the area starts to develop, however, the demand will push the prices of the properties up.

a building being constructed

Upcoming infrastructure

Another advantage of investing in developing areas is the upcoming infrastructure. Once the area has developed essential establishments within the community, the value of your property will increase. The nearby infrastructure is crucial to the potential growth of your investment; hence, you should ensure that the area you are planning to invest in has a reliable and financial developer and a progressive local government authority,  who will take care of the infrastructure development. If the development is delayed, it can affect the timeline of your investment growth.

Developing areas are great investments as prices tend to appreciate faster because of surging demand. However, when buying a property you must also consider accessibility, appearance of the property, and amenities of the neighbourhood.

Consult with an experienced buyer’s agent before making any decision. Get well-researched market insights, exclusive listings, and more when you hire a buyer’s agent at Buying Perth Real Estate.