Perth remains the most affordable state capital in which to buy a home or investment property, and for you, our landlords, there are the added benefits of strong rental returns and low vacancy rates. The residential vacancy rate in Perth is currently just 0.4%, which is the lowest since January 2005.
Our strong economy, which is supported by the mining sector and excellent employment figures, is helping to keep the market afloat, while the opening of domestic and international borders continues to drive more people to our corner of the world. Western Australia’s population grew in the June 2022 quarter, up 0.4 per cent on the March quarter and 1.3 per cent higher than the same time last year.
Considering these factors, QBE predicts the median house price in Perth is forecast to hold steady over the next two years, while units should rise by 3%. At the same time, values in other capitals continue to drop – meaning Perth should outperform the rest of Australia.
In great news for investors, it is the perfect combination of low supply and high demand. Not only can you look forward to achieving great rental returns and little to no periods of vacancy, but you can also expect to see your asset grow in value relative to comparable properties elsewhere.
The State Government expects housing demand to increase over 2022/23, underpinned by continued population growth, and this will further support property prices. Smart investors will be jumping on board this trend because they know a Perth investment property is a great wealth-building vehicle – and you could, too.
If you’ve been thinking about purchasing another investment property or selling an existing property running into the new year, please give us a call today. As your property partner, we are here to assist with all your property needs.
Chat with us –
08 9259 6999
0437 414 178
welcome@pulsepg.com.au
Sources include realestate.com.au & reiwa.com.au
