Prime time to buy in affordable Perth

Prime time to buy in affordable Perth

PERTH has topped sales for the four weeks to November 20, recording 28 sales in the latest local data from REIWA.

The area recorded an 8.8 per cent median house price growth in the 12 months to September.

Perth has a variety of property types from inner-city apartments to character and terrace homes in ‘old Perth’ and is seeing a lot of redevelopment and new homes built.

Limnios Property Group executive manager-sales Dominic Ferraro said in the past quarter there was high demand for properties on the city fringe that had development potential, which buyers could either build, retain or subdivide.

“We are seeing savvy investors researching the market place for their ideal property that offers reasonable return in the current market conditions,” he said.

“However young professionals seem to be dominant in the buyer interest and activity at the moment.”

Mr Ferraro said the improvement to the infrastructure around Perth had increased in recent years, boosting buyer appeal.

“The city’s upgrades have made Perth as a suburb a more desirable location for young professionals, who enjoy the benefits of the convenience of the lock-up-and-leave inner-city lifestyle, thus we are seeing an increase of buyer activity,” he said.

Mr Ferraro said the area offered good value.

“In our opinion, from our many years of experience in the inner-city real estate market, prices have never been as affordable as they are today in the Perth area,” he said.

“Our advice to buyers would be to take the long term approach and secure inner-city property and reap the rewards in the future.

“This is evident in other cities like Sydney and Melbourne.”

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