Apartments on the up and up
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.