Apart­ments on the up and up

Canning Gazette - - RESIDENTIA­L -

spoke to Edge Vi­sion­ary Liv­ing man­ag­ing di­rec­tor Gavin Hawkins (pic­tured) for his thoughts on the 2020 prop­erty mar­ket and trends in apart­ment liv­ing.

AF­TER five years of rel­a­tively poor per­for­mance, the prop­erty mar­ket in WA is ex­pected to re­turn to growth in 2020.

We are see­ing the State Gov­ern­ment ini­tia­tives in 2019 start­ing to have an ef­fect, with the more gen­er­ous rules around Keystart and the 75 per cent stamp duty re­bate for off-the-plan pur­chases be­ing well re­ceived by the mar­ket.

Add to this an ex­tended pe­riod of low in­ter­est rates, a low rental va­cancy rate of just 2.5 per cent and an im­prov­ing econ­omy, and a pe­riod of sus­tained growth can be an­tic­i­pated.

The cu­mu­la­tive in­vest­ments in Op­tus Sta­dium, ho­tels and air­port in­fra­struc­ture, along with a more fo­cused gov­ern­ment ap­proach to tourism, has re­sulted in soar­ing num­bers of in­ter­na­tional tourists.

Com­bine this with a resur­gent re­sources sec­tor and there are plenty of rea­sons to be op­ti­mistic.

It also ap­pears we are set for a pro­longed pe­riod of sta­ble or lower in­ter­est rates, which bodes well for the prop­erty sec­tor.

A trend we ex­pect to con­tinue is the as­pi­ra­tional down­sizer look­ing to swap a big block in an outer sub­urb for a more cen­tral lo­ca­tion, per­haps near the beach or river, with great ac­cess to so­cial in­fra­struc­ture.

These buy­ers see apart­ment liv­ing as the way to make this switch.

While Edge Vi­sion­ary Liv­ing fo­cus al­most ex­clu­sively on the owner-oc­cu­pier mar­ket for apart­ments, anec­do­tal ev­i­dence sug­gests the in­vestor mar­ket will also strengthen next year.

Not just in city and in­ner-city lo­ca­tions, but also in pre­mium sub­ur­ban lo­ca­tions where a strong rental mar­ket is de­vel­op­ing for apart­ments.

Yields are not dis­sim­i­lar to in­ner-city, but the cap­i­tal ap­pre­ci­a­tion po­ten­tial is gen­er­ally much greater in the right de­vel­op­ment and lo­ca­tion.

Apart­ment liv­ing trends

There is still strong de­mand from the more ma­ture buyer.

These buy­ers typ­i­cally have no chil­dren liv­ing at home and are look­ing for the safety, con­ve­nience and so­cial op­por­tu­ni­ties apart­ment liv­ing of­fers.

Buy­ers are be­com­ing in­creas­ingly savvy and their apart­ment se­lec­tion process is be­com­ing more so­phis­ti­cated.

They typ­i­cally want a lo­ca­tion that of­fers them the life­style they’re af­ter and world-class re­sort-style ameni­ties.

More ma­ture buy­ers are look­ing for the con­ve­nience of nearby cafes, res­tau­rants and trans­port hubs, along with a re­lax­ing and serene en­vi­ron­ment.

THIS three-be­d­room, twobath­room town­house is in a beau­ti­fully main­tained com­plex of four prop­er­ties in one of South Perth’s fa­mously pic­turesque streets.

The home is a short walk to Richard­son Park, the Royal Perth Golf Club, Perth Zoo and the vi­brant Angelo Street precinct.

Be­yond the se­cure gated por­tico en­trance is a for­mal lounge and din­ing room that over­looks the gar­dens, an open-plan fam­ily and ca­sual meals area, the mod­ern kitchen and two pa­tios.

The bed­rooms are up­stairs and in­clude the mas­ter be­d­room with walk-in robe, large en­suite with shower, bath and toi­let, and gor­geous french doors open­ing out to an in­ti­mate bal­cony.

Other fea­tures in­clude a down­stairs pow­der room, lock-up store­room and split-sys­tem air­con­di­tion­ing.

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