Your Interstate Guide To Buying Perth Real Estate

The population of Western Australia is expected to grow dramatically in the next three years. These numbers have been recently revised higher than previous projections. Clearly, investing in property in WA is a smart idea given the current market.

What if you live interstate? In these circumstances, a Perth buyer’s agent can help you purchase property with extensive knowledge of the local property market. Read this blog further for a guide that will provide helpful tips when you are looking into Perth real estate.

Research The Various Suburbs

When buying real estate in Perth, it is essential to research different areas before looking at individual properties.
Researching the following can give you knowledge on the area and help to shape your decisions to live or invest:

• Median house prices
• Neighbourhood restrictions
• Crime rates
• Availability of amenities like shops, daycares, parks, and schools
• Transport

If you want to be near the CBD with proximity to parklands, East Perth might be the place for you when investing in property.  Nedlands, Applecross, Claremont, and Subiaco have been some of the most viewed listings in Perth.

Remember, the best suburb to live in is all about individual needs. Consider not only how much you are able to spend and budget on this property, but also what type of living environment appeals to you.

The good news for homebuyers is that Perth is the cheapest of any capital city in the country to purchase a home. In fact, the median house sale price was $525,000 in 2021.

Check With The Local Council

Another necessary step when shopping the real estate market is to talk to the local councils.

You will want to know what’s on the plans for an area and what building approvals are needed when looking to subdivide or build.  Perhaps the vacant land near the property you buy is set to be developed into a block of high-rise apartments. This is something you want to be aware of before signing on the dotted line.

When communicating with the council, another aspect to consider is whether there are any unapproved structures on the property you’re interested in. Structures such as decks, pools, and patios should be approved by the council and included in the official house plans. If not, that may cause you to rethink that Perth property.

Government policy is a factor that should also be considered when buying property interstate. Aspects of buying, such as tax, depreciation, and home ownership grants, are all things you need to be aware of.

Understand Property Purchases in Western Australia

Buying property can change within the states of Australia.

In Western Australia, properties are bought using a method called ‘Offer and Acceptance’. This means that if you put in an offer on a Perth home and it is accepted, you are now committed to going through with the purchase. In WA, there is no cooling-off period, like most other states.

That is, unless the seller fails to meet a condition. Any special conditions must be included as part of the offer and cannot be added on later without a variation and signed by all parties.

If you are buying privately in Perth, you are generally required to pay a deposit. This might be as low as $2000 and as high as 10% of the purchase price.

If you buy a property at auction, you will need to pay the deposit straight away. Usually, this deposit is 10%.

It’s important to note that if you don’t have a visa, you can only buy off-the-plan property. This means that the property purchase happens before the property is completed and/or the Certificate of Title has been issued.

Buying off the plan is quite a different process from buying an existing house. This is somewhat risky. The contracts are often lengthy, complex legal documents. So it’s important to be aware of the commitment and to understand what your rights and responsibilities are.

Know The Full Costs of Buying Perth Real Estate

Just like anywhere else, there are many costs associated with buying property in Perth. It’s ideal to have a ballpark idea of what those fees will be from the start.
Talking to experts will help you to figure out what you can expect to pay for the following costs:

• Stamp duty  
• Land tax  
• Legal and conveyancing fees  
• Loan establishment fees  
• Pest and building inspections  
• Council rates and government charges from the settlement date onwards 
• Moving costs  

Depending on your specific situation, there might be some discounts or concessions. If you need more information, you should contact the WA Department of Commerce for assistance.

Get Expert Advice

There’s a reason why real estate agents specialise in certain areas of the country. This allows them to become experts in property value, the vibe of a location, and much more.

When buying interstate, it’s even more crucial to have a team of experts working with you. It’s an incomparable opportunity to find out as much as you can about the area, the current real estate market, and the property you are interested in.

Start Looking at Perth Properties

There you go! Now that you’ve read this complete guide, you are set to begin your Perth real estate adventure.
Remember, though the research may seem daunting, it is vital. Plus, you don’t have to do it all alone!

Go ahead and book a free discovery session with a member of our team to get started. With over 35 years of combined practical experience between the two co-founders, you have a wealth of knowledge on your side. We work with you every step of the way, and you’ll only ever deal with one or both of the co-founders of the business.

Until next time, Happy Investing!