PROPERTY PROFIT RISING TO NEW HEIGHTS

Housing prices have recently seen an exponential rise due caused by a flood of returning expats and east coast workers.

A re-listed home in Floreat jumped almost $70,000 in value within just three months. Acton North Realestate Agent, Robbie Milligan said the $67,000 price jump was due to both the lack of stock and the recent difficulty of finding a rental property as vacancy rates in the area are currently less than 1%.

“Data from the Real Estate Institute of WA show homes sell faster in Floreat that any other suburb, with homes going under the hammer within 2.5 days of being listed.”

Although official population figures will not be released until early next year, The Urban Development Institute of WA released a report supporting the claims of a growing population, ahead of the hard border closures in the March quarter. The report quoted ABS data that showed approximately 91,000 total overseas net arrivals for the 12 months to June, in comparison to the 35,000 arrivals the year before.

This is a brief Summary of the article ‘Home in on the cash’ by Kim MacDonald | The West Australian | Monday 24^th August 2020.