26 Aug What Makes Perth An Exciting Place to Invest?
At Power of Property we are always on the lookout to find the best investment locations for our clients, and so we are excited about the many opportunities Perth currently has to offer for both new and experienced investors.
We currently have access to a range of quality house and land packages in highly desirable areas of Perth, and which represent an ideal investment opportunity, given the expected growth in population in WA and the accompanying increase in Perth house prices.
Perth house prices expected to rise
While the 2021-2023 QBE Housing Outlook Report concluded that Perth currently has the most affordable housing market in Australia, this situation looks set to change over the next twelve months or so.
House prices in Perth have been forecast to rise markedly in 2024, meaning that now is the ideal time to get into the market in the west.
Prices are expected to increase by between 1 to 3 per cent by the end of the current financial year, with the result being that median house prices will exceed $700,000 in Perth for the first time.
Population growth fuelling demand
The resumption of inward immigration form overseas after covid, as well as internal migration in order to fill skill gaps (particularly in the resources and defence sectors), are both expected to be key factors in driving increased housing demand. It is estimated that an additional 130,000 dwellings will be required in Perth alone in order to meet this need.
The shortfall in available property can also be expected to have an impact on rents, as supply will more than likely become significantly tighter — another positive outcome for investors.
Further to this, Australian Bureau of Statistics (ABS) data has shown that Western Australia has the country’s highest rate of population growth at 2.3%, higher than was previously thought, while Perth’s population is expected to increase to 2.5 million people in 2030, 2.9 million in 2040, and almost 3.4 million by 2050. This demonstrates that growth is happening quickly, and is centred around Perth, contributing to the current and continuing shortfall in housing stock.
However, this also means that there are numerous new, high quality housing developments both under construction and being planned in the near future across the city and suburbs, giving investors a range of potential opportunities.
Investment in infrastructure in Perth
A further factor fuelling the growth in both population and housing prices in Perth is the ongoing investment in infrastructure by both the state and federal governments.
The Perth City Deal, for instance, will see around $1.7 billion invested in the city’s infrastructure and transport, that will also bring with it new workers both during the construction of projects and afterwards, further increasing the need for housing across the city.
In addition, there has been significant investment in public transport, most significantly the $6 billion METRONET rail initiative, which will add 72km of tracks to the Perth network, making the city easier to travel around, increasing its appeal for renters and property owners alike.
Power of Property makes it easy to invest in property in Perth
At Power of Property, we work in partnership with Summinvest, a specialist in designing and building property in Perth specifically for investors.
Part of the Summit Homes Group, an award winning builder, the quality of its projects mean that investors benefit from both exceptional workmanship and value for money,
Below are a few examples of the sort of investment properties available in Perth, and which we can access for our clients.
The benefits of working with Power of Property
In addition to being able to access high quality investment properties, when you work with Power of Property you benefit from our comprehensive service at each stage of the investment process, helping you to buy property with confidence.
We make property investing a straightforward experience, based on well researched information and through using our experience to your advantage.
Our extensive contacts in the industry further mean that we can connect both new and experienced investors with industry experts, including mortgage brokers, conveyancers, financial advisers and accountants, all of whom provide a first rate service and quality advice.
If you are considering buying an investment property in Perth, and want to find out more about the current state of the market in Western Australia, talk to Power of Property today.
Book a free personal strategy session with Michael Lawton and Danielle Charlton to discover the options that are open to you, and how you can begin your property investment journey today.