There is no better time than now to get into the Perth property market. The conditions are perfect to buy with a tightening rental market, low rental and sales stock, low interest rates and government incentives. Riskwise Property Research CEO Doron Peleg said his firm’s research shows the pendulum has swung in favour of homebuyers.
“Our latest figures show it’s cheaper to buy a home than rent one across most areas of Perth, and this will impact the decision of many potentially marginal buyers.” he said.
Mr Peleg also commented that the declining mortgage rates will clearly be a strong driver for the local housing market over the next few years and with Western Australia’s current affordability, a unique opportunity has been plated up for investors that are in a position to enter the market.
“The combination of the markets affordability, tightening rental stock and continued growth indicators is providing a unique opportunity for investors with the right property criteria to enter the market at a reasonable price point while also benefiting from a strong rental yield before the market records further price growth.” said Momentum Wealth Residential Investment Committee Chair, Emma Everett.
Ms Everett mentioned while many investors were awaiting the end of temporary COVID-19 legislation, this could also come at the cost of higher competition.
This is a brief summary of the article ‘Time to pounce for homebuyers’ by Rhys Prka | The West Australian | Saturday 31st October 2020.