Western Australia market is experiencing:
· High Demand for investment properties caused by a low vacancy rate.
· An influx of “Corporate Tenants” has seen a high demand for furnished Perth Inner City Apartments with excellent rents being achieved.
· More investors are entering the market taking advantage of solid rental returns from their investment property and the potential for future growth.
· Private Residential Developments are on the rise and more Inner City developments are being approved through local government.
· Due to a decline in buyers and an oversupply of properties on the market the average days on market has increased to an average of 63 Days
· The $550,000 and under market is gaining the most traction with $1,000,000 plus properties currently being considered a luxury item to the average home owner
· Encouraging signs of “Opportunist Buyers” entering the market taking advantage of “well priced” property options.
· With Perth & Western Australia achieving excellent rental returns from the mining sector interstate and overseas investors are looking at Western Australia as an investment option.
· First Homeowners are no longer considered the driving force behind the Perth Real Estate Market with most opting to rent instead to save for a bigger deposit.
Overall the West Australian property market is considered sluggish however, economists predict a shift in sentiment as the resource boom gathers steam.
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