My take on the West Australian Property Market.

Overall the West Australian property market, like all property markets in Australia at present is considered slow. Properties don’t look like experiencing growth in the short term, however if you look at the internal sector of the WA market you will find that the investor market is gaining momentum and outperforming other states. High rents and low vacancy rates have attracted attention from investors all over Australia. Add to this a strong mining sector, and WA is tipped to bounce back.

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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