Anyone else looking in Perth at the moment?

I have pre-approval for $475k for my first IP. Was originally looking at Heathridge in the low 400's because of the rezoning changes happening in the area. I am now looking where I live in Madeley at a new townhouse or duplex in the high 400's. Higher short term yields, better quality property, less maintenance, more depreciation, extremely low crime rate, easy bus access to Warwick train station, ten minutes from the beach and Joondalup, above average growth.

With rents and vacancies the way they are and no where near enough new construction to keep up it has to result in property price increases soon.
 
According to a couple of presenters today at the homebuyers expo Perth is due for some strong growth in the next 2 - 3 years.

Margaret Lomas thinks Perth will start to take off in 2014. An interesting bit of info is that she believes Perth's lower end housing market will start to increase in value at the end of 2012! Hope so!

:)

I'll be looking to invest in Perth at the end of 2013!
 
A number of the real estate marketing clubs have been talking about Perth for a while now, they'll be right sooner or later ;)

Median Price has dropped down to $465k, Rents are going up, vacancy rates are falling, new homestarts are apparently yet to pick up and developers are still offering incentives, as are house builders

I see that Perth's ranking on Knight Frank's list of the most expensive CBD office markets in the world recently went up to 7th.
 

Attachments

We'll be putting our current ppor on the market soon to fund our new ppor. Hoping to sell and rent back for about 9-12 months. If anyone's interested send me a pm.
Less than 2 years old Ross North built home.
Rear strata.
4 x 2 with large rooms.
Located opposite nice park in Coolbellup.
Looking for around $475k(agent suggested $490k but I haven't signed yet. No agent = less fees so buyer wins)
Rent back at about $400/week.
Can supply more details on request.

If we don't find someone that wants to rent it back to us we will put it on the market later in the year when our new house is nearly finished.
 
Bring it on baby.

I'm sensing a lack of bad news on the telly (carbon taxes notwithstanding...) is having a positive effect on the market finally. Anyone heard from Greece in the last 6 weeks?
 
Apparently Perth sales are up 8% this week and 39% in comparison to the same period last year



Source

Hi Redwing
I give stats a complete miss, they are so rubbery, next quarter they will show the complete opposite, seriously go research the last 12 months you wont be surprised.

As for Perth, I bet on Syd (Western suburbs) as the way to go, I chase the cycles reducing the risk. I wish it was Perth, would make my life easier as this is my home town but I will chase the cycles.

Cheers, MTR
 
Hi Redwing
I give stats a complete miss, they are so rubbery, next quarter they will show the complete opposite, seriously go research the last 12 months you wont be surprised.

As for Perth, I bet on Syd (Western suburbs) as the way to go, I chase the cycles reducing the risk. I wish it was Perth, would make my life easier as this is my home town but I will chase the cycles.

Cheers, MTR
Are rents going nuts there too?
 
Hi Redwing
I give stats a complete miss, they are so rubbery, next quarter they will show the complete opposite, seriously go research the last 12 months you wont be surprised.

As for Perth, I bet on Syd (Western suburbs) as the way to go, I chase the cycles reducing the risk. I wish it was Perth, would make my life easier as this is my home town but I will chase the cycles.

Cheers, MTR
The stats from REIWA have been heading in the same direction for a few months now (I read them in the real estate section of Saturdays West). Sales volumes are consistently up on the same time last year and four weeks ago.

If you are chasing the cycles would you not be investing in Perth now?.
 
Mandurah block prices seem to be the right price....

Don't know anything else about potential/risks there though

But under $2300k for blocks with development potential of >3 units.....
 
The stats from REIWA have been heading in the same direction for a few months now (I read them in the real estate section of Saturdays West). Sales volumes are consistently up on the same time last year and four weeks ago.

If you are chasing the cycles would you not be investing in Perth now?.

.
Just to highlight how flawed the data can be - I was reading the WA Property report in Sunday's paper. Ardross was listed as the best performing suburb in the south of Perth with a price increase of 8.7% over the previous 12 months.

8.7% increase was based on 29 sales. What the report did not mention was 29 sales represents approximately 2% of all properties in Ardross.

Out of interest Derby was listed as the highest growth area in WA over the last 12 months with growth of 90.3%. Yes that is right 90.3%.

This figure was based on 16 sales which represents 1.7% of the total Derby market.

So message is use median prices with care.

Cheers MTR
 
I am focusing on Western suburbs in Syd, rents are strong.

Perth is not on my radar at the moment. Lets all chat in 12 months time, bet I am right... :)

Cheers, MTR
What are the odds, and what metric are we using for success? I.e. we need a consistent reference point to start with.

And I'm willing to put $5 on it.

Cheers

Noel
 
.
Just to highlight how flawed the data can be - I was reading the WA Property report in Sunday's paper. Ardross was listed as the best performing suburb in the south of Perth with a price increase of 8.7% over the previous 12 months.

8.7% increase was based on 29 sales. What the report did not mention was 29 sales represents approximately 2% of all properties in Ardross.

Out of interest Derby was listed as the highest growth area in WA over the last 12 months with growth of 90.3%. Yes that is right 90.3%.

This figure was based on 16 sales which represents 1.7% of the total Derby market.

So message is use median prices with care.

Cheers MTR
Yeah plenty of data can be flawed, but the data I was referring to had 896 sales on it, and a history.

But I'm sure with all the jobs growth, population growth, booming economy, government spending etc there is plenty of scope for growth. :)
 
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