Strong east coast growth and a recovering western market is seeing money move from the east coast to the west, according to an industry expert.
A previous Domain study has found that west coast capital is likely to see it’s fastest growth since the mining boom in 2014, which is welcome news for investors who have bought and held during the boom.
The median house price should be $564,000, which is still 8 per cent below it’s previous peak.
Buyers’ interest is starting to rise, with view listing up 40 percent over the year and home loan commitments rising by 15 per cent in December and March 2019.
The latest investors from the eastern states are Gill and Basil Reilly from the Hawkesbury region, just outside Sydney.
Gill and Basil recently purchased a low maintenance lot in the Village release at Capricorn Beach estate for investment purposes.
“We decided to buy our lot at Capricorn Beach after a visit to last year.”
“We looked at other coastal estates in Perth, but after visiting Capricorn Beach, we were very impressed by the value for money it offered for such a high-quality development so close to the beach.”
“Basil and I will be able to build a brand new home close to the beach for just $370,000. A similar home in the outskirts of Sydney would be three times that price.”
“Sydney property prices have exploded over the past 15 years, and the coastal suburb of Yanchep in Perth offered us a unique opportunity to own a new investment property close to the beach,” the couple stated.