Is It a Good Time to Buy Property in Perth?
Updated: Dec 27, 2021
Buying a house is a major life decision. It is, therefore, important to make an informed decision. It is safe and profitable to invest in properties since properties appreciate in value. However, it can take time and lots of effort to find a good property in Perth.
This blog will provide some insights into the property market in Perth.
How’s the Market Looking in 2022?
More people have been returning to Perth in the past year. Therefore, the growth in rent prices in Perth is very high.
According to one of the biggest banks in the country, property prices may rise by over 20% over 2021 and 2022. In fact, many investors are now investing in properties due to the high rate of property price growth. However, the high rate of property price growth may make it difficult for most people to afford homes.
Also read: How To Find The Best Real Estate Agent?
Which Areas You Can Take Advantage of the Current Situation?
Tight Rental Market
There is more demand for rental properties in Perth, making it one of the fastest-growing rental markets. However, the supply of rental properties cannot meet this demand. Therefore, rental prices are increasing because of the high demand and low supply.
Bonuses and Rebates
The Government provides incentives to new homeowners. It is now easy for first home buyers to secure a home loan. First home buyers can use the rebates and bonuses to save money. In fact, they can save up to $35,000. Talk to a home loan specialist to know how much you can save.
Record Low-Interest Rates
One of the main reasons many people are purchasing a home is the record low-interest rates. They can lock in a rate that will make it easy to pay off their mortgage quickly. In fact, the low-interest rates can save them more money. So, you can secure a mortgage at low-interest rates to save thousands.
Stamp Duty Savings
The stamp duty savings exempt first home builders from paying stamp duty on land under $300,000. Therefore, they pay stamp duty on the value of their land and not for a house/building when building a new house for the first time. This, however, is not applicable if you have already claimed your first home buyer’s grant.
Are you overwhelmed? Contact us to discuss the best option for you:
It is imperative to seek advice, especially if you are planning to buy a house or property in Perth, Western Australia. Advantas Property can guide you through the process. So, if you are confused or need more information from Baldivis real estate agents, contact Advantas Property.
The information in this article is of a general nature. It does not take into consideration the objectives, financial conditions, or needs of any individual. Before making any decisions based on this information, you should consider your financial status and needs.