Seize the opportunity – Why now is the right time for buying?
If you are thinking about upgrading your property and buying in the next few years NOW IS THE TIME!
I recently came across a great article written in The West about Perth’s property market and its current state. It got my thinking about the right time for buying and when it is. While it might seem quiet to some, there are some positive points that we can hold of. It had some interesting statistics and opinions that got me thinking, and I wanted to share these thoughts with you. If you are considering buying or selling in Perth, then this is for you:
As this article shows the market is starting to move in the right direction, especially in regards to a few of the factors I have mentioned previously about population growth, job security and business confidence. It also touches on history repeating with Sydney and Melbourne coming off the boil. Buying in Perth may be the answer for many.
These are some key points I took out of it:
We are not the eastern states – The Perth Bubble
We need to be very mindful in WA not to compare ourselves to the doom and gloom of Sydney and Melbourne and the outcome of the banking Royal commission – be very careful when you listen to national news! If you are looking at buying property 5mins out of the Perth CBD compared to Sydney CBD, you have the potential to be saving over $18,000 per sqm.
We are in a better position to afford it
In WA our median house price is much lower and our average income is higher, so when it comes to housing affordability WA is the best performing state in the country. And because the average house price is $450k in Perth meaning this is approximately 5 times the average income, compared to the houses 8 and 10 times the house prices in both Melbourne and Sydney.
Trading up, mind the gap
The gap is the smallest it will ever be if you want to sell under 800k and buy over 800k. This means the higher the price of the property the less buyers there are and the more they have come down in price. Whereas those under the $800k mark don’t have to jump too far to get their dream home…with the pool!
Where to buy and sell
I am finding that every suburb has been affected differently.
Suburbs like Willagee, Melville and Palmyra with homes $500 – 800k have taken less of a hit than the likes of Bicton/East Freo/Attadale $800k +. Not to mention the many bargains $1.2m+ in the Western Suburbs…. you can buy a duplex block in Mosman Park for $1.4! Or a home in Cottesloe for $1.2!
This gap won’t be around forever, so if you are considering upgrading, now is the right time.
If you would like an appraisal on your own home call or text me 0412742380 or email email@example.com Mi Casa Property Boutique.