Perth Property Market updates

Obviously you have not been to Perth in the last 2 years. Things have changed dramatically. You have a large choice of places to get a coffee and eat on a public holiday. There is a vibe in the city that was not there previously. Actually reminds me a bit of Sydney, just more relaxed and laid back, and of course sunnier. You should visit us again soon.
I was there Australia Day 2014, accompanying some mates from a Sydney fireworks company (Foti) to light up Perth's sky.

There was one that was open, and it was hardly "vibrant". Your "relaxed and laid back" is boring to me. Don't ask about nightlife. There's more happening in Parramatta. It was sunny indeed, too sunny I was burning.

Anyway. Rant over. I don't why Sydney is being dragged into this. This is thread is about environment underpinning the Perth market.
I think that graph confirms Melbourne and Sydney confidence is too high and Brisbane and Perth is more balanced. ie a mix of low and high confidence leaning towards low so less likely a bubble
I don't even know what a bubble is to be honest, and I don't bother with charts because they don't tell you the facts, just a general overview, and we know there are markets within markets. Some pockets in Melb have not peaked, some have IMO.

you don't need luck, just use - built specifically to help you find cafes open on public holidays.
Using that link, in the CBD, only 1 is open Sunday, most are closed both Saturday and Sunday, and almost all are closed after 4pm. Only 1 cafe has acceptable opening hours - Gordon St Garage.

No wonder I had a hard time looking for signs of vibrant, modern cosmopolitan global lifestyle.

Try spruiking that to property buyers who want to move from other parts of the world.
people place way too much importance on coffee.
To think that 30 years ago the best coffee in nearly all workplace kitchens would have been one of those massive tins of International Roast.

Being of Italian heritage, my parents were the only people in our neighbourhood who drank "real" coffee (moka pot). Everyone else was asking "how can you drink that stuff". I'm still on the moka pot and now everyone has gone the other way, grinding their own beans, fretting about the milk, the pressure, the machine etc etc etc. I still can't work out what happened... :confused:
Yeah but that was to do with zoning and development potential changes.

If you're worried about Belmont, just wait for the over supply of apartments in Rivervale to reach its peak. Then it will be buying season.
A bubble is City of Belmont development sites last year. Prices seem to have peaked at over $1,000 per sqm for development sites. This year they have fallen back to just over $700 per sqm.
They've dropped 30% already? Good to see. They pretty much doubled in just over a year with no justification for it whatsoever.
They've dropped 30% already? Good to see. They pretty much doubled in just over a year with no justification for it whatsoever.
The doubling in price was due to a number of factors... the City released a new planning scheme that upcoded a lot of land from R20 to R20/40 or R40/60/100. Around the same time, the WAPC released the muti-unit code, which allowed apartments to be built in those new R40 sites. This was at the peak of the FIFO frenzy and due to the proximity of Belmont and Cloverdale to the airport, developers rushed in thinking they could build apartments for the FIFO market. Not many of the apartments are complete but the FIFO market has dropped right off. There are now hundreds of vacant rental properties on the market right now.

Wow, that's got to hurt.
Depends when you bought... ;)

four hundred one bedders coming on in the city of belmont over the next 9 months....
Expect some discounting.
For investors (smart) that are looking to pickup some bargains in the upcomming months , what are some of the features you look for?

  • Already built and not OTP (OTP too risky)
  • Small complexes (3 or fewer levels or <20 apartments) . More land the better
  • Greatest % of owner occupiers: Larger size apartments or mor rooms (eg 2x2, or 3x2) since fewer the bedrooms and bathrooms the higher the proportion of investor owners
  • Secure Entry
  • Low strata fees - no lift, pool etc
  • Newer = easier to rent and can claim depreciation or ones with Reno possibilitiies
  • North Facing for light?
  • Close to amenties or transport?
  • Quiet street?
  • High ceilings
  • Parking - atleast 1 underground spot ?
  • Ground floor (easy enter/exit) , corner of building (2 street views) or top floor (Views)?