While so much has already been said about the recovering market by both us and the industry at large, much of that has been directed towards personal living situations, whether that’s to do with upsizing, downsizing, or even finding a place to rent. However, with growth occurring at the pace that it is, along with various reasons for hesitation being rectified, not to mention rents soaring by 20% as restrictions have been lifted, Perth’s investor market is finally starting to join the party!
This attitude isn’t just our own either. The 2021 Property Sentiment Report from Momentum Wealth has given Perth the title of best city to invest within Australia for multiple reasons; the most obvious being our world-leading COVID-19 pandemic response, as well as the boost to the economy and consumer confidence that came as a result. The resurgence in mining activity has also played a part, subsequently stimulating regional areas also.
While investors accounted for about 15% of overall Perth property sales earlier this year, as opposed to somewhere like Sydney who have the same figure at around 30%, the current climate should suggest that figure will eventually rise as well. Along with being among the most affordable major cities in Perth, the opening of borders should see an influx of both international residents and investors who have seen from how Perth has responded to the events of the last fourteen months or so, and the quality of life that has been maintained.
Much like the rest of the country, houses in Perth have outperformed units quite considerably as expected. Again, this is to be expected as despite our growth, affordability for established homes in suburbs close to the CBD remains somewhat reasonable. Yet another selling point for professionals across the country and world who want the space to raise a family without the long commute.
As tempting as it is for many of us to remain in our great little bubble that has seemingly defied the world, it’s still West Aussie homeowners that win out as we open ourselves up to investment. For West Aussies themselves looking to invest, we suggest getting in fast while the doors are still locked!