I really want to share with you what’s going on in the Perth Property Market right now because it’s absolutely bonkers.
Inner city properties are in hot demand, with lots of enquiries and not many properties on the market. As a result, over 1000 properties sold in the past week, which is is actually the highest amount of sales recorded since 2015. Who would have thought??
This is the new Spring peak selling season and I’ve never experienced a winter like this. It is like the recent lock-down has made buyers realise that their current living arrangement is no longer suitable and everyone is out looking for something new.
Land
Land hasn’t really been in hot demand lately but with the current Federal and State building grants, interest in land is now going through the roof.
If you are looking at buying land and you want to take advantage of these grants you do not have a lot of time. At best, you probably have a month or so to buy land as your plans need to be approved by council and a builder needs to be signed up by the end of the year. On top of that you also need to start works in the first quarter of next year.
Some of the land estates in the outer suburbs have already sold out and this is probably a good thing as you are likely to be paying a premium for those lots as land prices and building costs have increased. The builders may not have increased the cost of their packages but they no longer offer free stone benchtops, extra height ceilings etc so you are paying a premium one way or the other.
Plus properties in those estates are a little bit like buying a new car. Once you leave the dealership, the value of your car drops 10-20%. As such, the existing houses in those area are likely to drop in value which will have a flow-on effect when the new houses are completed.
This means that I would caution against buying in those kind of areas and I personally think you would get a much better deal in those areas if you wait 6 -12 months or so as prices will come down.
On the other hand, if you are buying land (if you can find it) in an established suburb, such as North Perth, Mosman Park, Morley or Rossmoyne it is another story as now is a good time to jump in.
How is your property value tracking in this shifting market?
Don’t just guess – ask for a Digital Appraisal of your home or investment property. If it’s been on your mind, but you haven’t had the chance to arrange an appraisal or you would prefer to let your tenants have their privacy, this is your chance to stay informed without the hassle.
Simply get in touch with the property address and a brief description so that I can send you an estimated value based on similar homes sale over the past 12 months.
This report costs nothing and is totally obligation-free, so why wait? Simply get in touch and I will send you the report including market research and comparative market sales within 24 hours.