freewaysouth Just in case you have not been tuned in to any news recently, Perth is in the throes of a rental crisis. The booming economy, led by the continued surge in the mining sector, is attracting people to Western Australia in huge numbers. It is estimated that every week approximately 1500 are moving to WA. In the past 12 months, the WA economy grew at twice the rate of the national economy.
So what does this mean to the property market? Initially, the influx of people will have a huge impact on the rental market and shortly after this the flow will be in to the property market as the new arrivals get established and start to look around to purchase a property. In the rental market in WA, the stats are already revealing this pressure. The median rent in Perth is now $450 and the vacancy rate is 1.9%.
All of these indicators suggest one thing – now is certainly a fantastic time to purchase an investment property. Within the City of Kwinana there are a range of housing options that can fit within most budgets. Perhaps you are looking to buy your first rental property and would like to consider a unit or maybe you are wanting to add to your portfolio with a home on a large block that might hold future redevelopment potential. We currently have a huge variety of listings that can fit most budgets.
We have worked within the City of Kwinana for many years and consider ourselves to be experts on the local property market. If you would like to simply chat with us about purchasing an investment property, please drop in for a chat. We can talk you through the decision-making process and help you understand what type of investment might best suit your financial goals and aspirations. To book your obligation free appointment, call us on 9439 3700.