Perth Housing Market on Recovery,giving appetite to investors

Perth Housing Market on Recovery,giving appetite to investors

According to latest research, housing rebound spreads to Perth as national housing values marks five month consistent Growth, Taking The National Index Back Into Positive Annual Growth.

In this report, CoreLogic’s national Home Value Index surged 1.7% higher over the month and delivered the fifth consecutive monthly increase, coupled with the largest monthly gain in the national index since 2003.  Since finding its trough in June earlier this year, the national dwelling value index has recovered by 4.7%.  Although values are recovering rapidly, at a national level home values remain 4.1% below their 2017 peak, tracking roughly at the same level as recorded in the January 2017 index results.

In a significant turn of events for the Perth market, values edged 0.4% higher in November; the first month-on-month rise in dwelling values since the downtrend took a pause in early 2018.  Dwelling values have been trending lower since mid-2014, down a cumulative 21.3% through to the end of November.  Over the past thirteen years, Perth has seen house values move from being the most expensive across the capital cities to now be the lowest; great news for first home buyers and investors, however Perth home owners have seen a material reduction in their wealth over the past five and a half years.  

With this new upswing in prices, we are likely to see more property development projects early 2020.

With this new upswing in prices, we are likely to see more property development projects early 2020.

And for those who have not had time to review the new scheme that has been introduced in WA, below is a 1 minute snapshot from Digital Elite Campaign article that was published on 26 October 2019 regarding the new incentive stamp Duty rebate to Perth first home buyers.

  • The WA State Government announced that apartments bought off-plan will come with an incentive of 75% stamp duty rebate, up to $50,000 value
  • NO cap on the purchase price
  • For a $500,000 apartment, this change means a saving of over $13,000
  • Multiple rebates on offer to the same applicant for additional unit purchases within the same or different developments
  • The new rebate applies from NOW and will be available for buyers signing a pre-construction contract to purchase a new apartment within the next two years
  • It ALSO applies to the foreign property surcharge, addressing the problem of declining demand from overseas buyers, which has been hurting developers for years
  • The First Home buyers market will also get a boost

Christmas is fast approaching and ensure that you are well prepared to crush your sales leading into 2020.

“It’s easy to shut down your mind and your business during the festive season but did you know that online use spikes during this period and key decisions get made”. 

In fact, this is exactly the time to outwork your competition while they sleep.

Shall we set up a time to discuss your 2020 investing strategy?

 

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