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Property Market Overview in Western Australia
A discussion between Simon Deering and Heath Bassett from You&Me Personalised Property Services.
What’s happening in Perth WA?
G’day to all home buyers, investors, and real estate enthusiasts! Today, we’re happy and excited to dive into the impressive market growth that Perth has witnessed from January 2023 to January 2024.
Joining me today is Heath Bassett, co-founder of You&Me Personalised Property Services. Together, let’s chat about the exciting developments that have happened in Western Australia’s property market during this period.
For those investing in WA, the past year has brought substantial wins, with our buyer’s agent services. We’ve experienced the most significant uptake since March 2021, signifying a surge in market activity and investor confidence. This surge has translated into notable gains for savvy investors across the region.
One of the standout areas showcasing this growth is the burgeoning suburbs of Alkimos and Eglington. These areas have emerged as prime choices for investors, poised for significant expansion over the next decade. With their strategic location and promising development prospects, they present good opportunities for those looking to capitalise on the region’s growth.
With a population of 2.9 million, predominantly concentrated in Perth, Western Australia’s property market is primed for sustained growth. This steady population increase, coupled with favorable market conditions, sets the stage for continued prosperity in the years to come.
Optimistic Property Market Statistics
Perth experienced a remarkable surge in property values, with an impressive average growth rate of 18% across the region. Particularly noteworthy are suburbs like Armadale, Gosnells, Alkimos, and Butler, which have seen substantial increases of 35% and 26%, respectively.
What’s truly remarkable is that even in areas where we thought growth had peaked, property values continued to soar. This sustained upward trajectory underscores the resilience and dynamism of Western Australia’s property market, offering unprecedented opportunities for investors and homeowners alike.
Top economists predicted a hit in the property market in Perth
Contrary to predictions from top economists anticipating a downturn in Perth’s property market due to rising interest rates, our perspective differed. We maintained that in the presence of limited supply and robust demand, prices would inevitably rise. And indeed, that’s precisely what occurred.
Even though people were worried about interest rates going up, the market here in Western Australia didn’t just survive: it did even better than expected! We’re really happy that we could help people from all over the world buy properties here in WA, making the most of the chances in this strong market.
First Quarter of 2024 Update
A Strong start for WA Real Estate
The initial quarter of 2024 has seen a steady and encouraging average growth rate of 3-4%, setting the stage for an even more remarkable trajectory. Projections indicate a substantial 10% year-on-year increase anticipated until 2027. This consistent upward trend underscores the enduring strength and resilience of Western Australia’s property market, presenting promising prospects for investors and homeowners alike.
Is it the right time to buy in Perth?
People who bought property in Perth back in the 60s, 70s, and 80s are definitely seeing the benefits now. And we’re still confident: Perth’s real estate market could potentially have three more years of growth ahead!
Investors still love Perth because lots of people want to live here, there aren’t many houses available, and hardly any places for rent are empty – only 0.4%!
Normally, when things are balanced, there’s about 2% to 3% of places for rent sitting empty. But here in Perth, it’s way lower.
On top of that, Perth’s real estate scene stays strong because the economy is steady, they keep improving the roads and buildings, and more people are moving here. All of these things together make sure Perth’s property market stays strong and attractive for people who want to invest for the long run.
Factors to consider
Capital growth and rent return
When you’re buying property, there are two main things you’re looking for: making money over time (that’s capital growth) and getting good rent back from it. And guess what? Perth offers both!
Perth’s property market is not just a flash in the pan; it’s reliable and sustainable. We’re expecting 2024 to bring the same kind of growth we saw in 2023. So if you’re after a place that gives you both a solid increase in value and a healthy rental return, Perth is where it’s at!
Perth Southern suburbs
The southern suburbs of Perth, including places like Rockingham and Mandurah, are becoming more popular. They’ve got their own special things going on, like great amenities and government services.
Growing population and migration in Perth
The steady flow of immigrants into Western Australia, about 220 people every day, is making the region even more attractive for long-term investments. This influx of new residents not only contributes to the vibrant cultural diversity of the area but also reinforces its reputation as a profitable destination for investors looking to secure their future.
Perth Northern suburbs
But it’s not just the south; up north, suburbs like Alkimos, Yanchep, and Two Rocks are also on the up. These areas are expected to grow because there aren’t many houses available, lots of people want to live there, and more folks are moving in. So whether you’re looking south or north of the river, there are promising opportunities for growth in Perth’s suburbs.
For savvy investors seeking growth opportunities in Western Australia, suburbs like Alkimos and Eglington are prime choices. These areas are poised for significant expansion in the coming years, presenting fantastic investment prospects. With a population of 2.9 million, mainly concentrated in Perth, Western Australia’s property market is primed for steady growth.
If you want to know which suburbs to keep an eye on for 2024, just reach out to us through our website or contact details. Perth and its surrounding areas are still great for investing, and we’re here to help you succeed.
Perth has caught the investment bug, just like the eastern states. And Alkimos? It’s looking like it could explode with growth over the next 30 years. The time to jump on these opportunities is now, and we’re here to make sure you get the most out of them.
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Property Buyer's Agent and Co-Founder at You&Me Personalised Property Services