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Housing affordability has continued to improve in Perth, bucking the trend of all other capital cities in Australia.
This makes now an ideal time to consider buying or investing in the Perth market.
The latest findings by Moody’s Investor Services found for the 12 months to the end of March 2016, Perth residents spent 21.5 per cent of their monthly income on mortgage repayments, which is down from 22.6 per cent previously.
On a national level, Australians paid 27.6 per cent of their income on their mortgage repayments, which further emphasises Perth’s affordability.
The recent decision by the Reserve Bank of Australia to cut the cash rate by 25 basis points to 1.75 per cent is another welcome boost for first-homebuyers and those looking to trade up.
Reiwa.com’s recently released March 2016 quarterly data showed the median house price in the Perth metropolitan area for this period is down on the previous quarter, coming in at $520,000.
Now is the time to buy
All these market factors create an excellent opportunity for buyers.
If you’re considering taking the step into home ownership, want more room or are seeking a lifestyle change, it’s a great time to get the ball rolling.
Start by researching what areas you’re interested in living or investing in.
You might find suburbs you’ve always felt were out of reach could now be well within it. So create a wish list and start researching price trends.
It’s worthwhile seeking out REIWA agents in these areas and asking them about how a suburb is performing and what advice they might have.
In addition to price, factor in the lifestyle that a suburb provides.
While you won’t be close to everything, ensure you tick a few boxes, whether it’s the kids’ school, your workplace or hospitals, for example.
The end of the financial year is fast approaching which is a good incentive for investors to take action.
If you’re investing, think about suburbs that will have plenty to offer tenants such as entertainment and dining precincts, transport links, business hubs and universities.
The more convenient and well maintained the investment property, the more interest it should receive.