One state’s property market is emerging from its lull and swiftly becoming the ‘shining light for property investors’, according to a prominent commentator.
Speaking about the Western Australian property market, RE/MAX WA’s managing director, Geoff Baldwin, said it now presented the best option for property investors nationally.
“Sydney prices are really getting to the point of ridiculous with massive price increases, and all indications are that market is peaking at a dangerous level,” Mr Baldwin said.
“Melbourne prices are already comparatively high compared to Perth and Brisbane is also experiencing a high level of activity that is pushing up prices.
“Meanwhile, the whole Western Australian market is slowly working its way out of a lull caused by the mining industry slowdown, with the result that value has returned along with comparatively high rents.”
Mr Baldwin said the combination of softening prices in the state and record low interest rates meant that for the first time in almost two decades, investors could easily find positively geared properties.
“Some of our regional centres, such as Bunbury are also offering a good selection of residential and commercial opportunities where the rent can cover all costs after tax.
“Historically, WA has followed NSW in the property cycle which is another positive indicator for prospective property investors who are looking to buy now.”