Australia’s busiest property markets at the moment can be found in larger cities, where life is more unrestricted due to successful containment of Covid-19. These markets have an active band of first-home buyers which are highly boosted by government aid and record low-interest rates. The property prices are also rising due to low rental vacancy numbers and an upward surge in rents.
These trends are highly prominent right now in the city of Perth. To understand more, here is an overview of Perth’s residential market post-Covid-19 restrictions, and why so many are moving in on Perth’s housing market.
Quick Post-Pandemic Growth
After the peak of restrictions, Perth’s real estate interest has made a comeback. This is because of the market’s greater resistance to the impact of the pandemic compared to the majority of other Australian housing markets. Perth’s growth reinstatement has been quicker than analysts have expected and it is perceived to last for at least a couple of years, or more. Analysts also predicts that Perth’s house prices could even soar another 10 to 15 % in the coming six months.
The demands of pent-up buyers, the historically low-interest rates, and the remarkable tight rental market has fueled up a blast within the Perth property market.
The increase in house value has seen buyers offer thousands more than the asking price, in fear of running out of the fast-selling market where rentals are no longer available. A $750,000 market valued Marmion home even sold at an astonishing $877,000 at an auction as a result of the increasing demand.
Perth’s regrowth is further backed up by first-home buyer incentives, 5% off-the-plan purchases discount, the HomeBuilder scheme, and WA Building Bonus. Perth’s median house price gained 0.6 per cent in October to a value of $475,199, while unit prices rose 0.4 per cent. The Federal Government’s HomeBuilder grant led to a whopping 121% increase in Perth residential land sales.
Significantly, Western Australia’s resiliency in combating the economic impacts of the coronavirus and enhancing the creation of job opportunities in the state while other Australian cities suffer, had a positive influence on the local property market in Perth.
Thus, the experts are extremely confident that Perth and other Western Australian property markets glorious economic years are here and will continue to flourish in years to come. This is why the world-renowned demographer and author Bernard Salt exclaimed that Perth is “the right place for the moment”!
Pre-purchase Building and Pest Inspection
Whether you’re looking for an investment property or a new home, Perth is the right place right now. With the prediction that property value will soar higher in the city, your investment will pay off handsomely in the future. But before making a move, make sure to have a pre-purchase building and pest inspection first.
A thorough pre-purchase inspection ensure that you are aware of any termite activity or damage, observable structural defects, and structural damage that may cause potential issues in the future. The recommendations in our detailed inspection report will equip you with information so you can make an informed decision on a certain property, saving you time and money.
If you require pre-purchase building and pest inspection services in Perth, Inspect My Home can help! We are one of Australia’s largest and most trusted building and pest inspection companies committed to providing every client with a professional and thorough property inspection.
We have a team of licensed and experienced inspectors that can give you a detailed building report, whether you’re selling a residential or commercial property. Call us on 1300 337 447 or book online to schedule a building inspection for your property today.