Why Now? Why Perth?
Affordability is improving in Western Austalia and in Perth. This means that now is a great time to get into the property market. Click on the graph below to see a full size version
Interest rates are at historical lows meaning the most affordable loans are available right now.
Rental Vacancy Rates
Rental vacancy rates are at historical lows in Perth – 1.7% in the quarter to May 2012 (visit REIWA to get the latest data). A vacancy rate of around 3% or above is considered healthy and leaves a margin for properties out of the market (ie for repairs etc). So there is an urgent requirement for more rentals.
The median rent in Perth has moved from $380 this time last year to $420 in April 2012 - the lack of available rental properties is pushing this up as what’s available cannot meet what is currently needed - visit REIWA to get the latest data.
Due to the explosion of mining and oil and gas projects in WA, we are experiencing a net population gain. Click on the first graph on the right to see latest data from ABS | Housing Industry Association (HIA).
Over the past few years post GFC, the number of new properties being constructed has fallen significantly below demand, meaning that there is now a considerable shortage of property available in Perth due to our rapidly increasing population. The second graph on the right, from ABS | HIA shows that underlying demand for housing is outstripping supply (completions = completed houses)