Property growth expectations hit record highs
Confidence in the property industry is just shy of setting a new record, buoyed by the speed of economic turnaround and ...
With the beginnings of growth cropping up in WA, it might be worth an investor’s time to enter the market. For the interested investor, here’s where they should be looking.
Property investors looking to buy low have had the option of Western Australia for multiple years, but that time is coming to an end, as Glenn “Goose” McGrath of Dashdot claimed that the green shoots of growth are showing up, and he does not expect them to stop any time soon.
“[There’s] a lot of exciting data impressing around that area and some really progressive capital development plans that are going to decentralise Geelong and Parramatta ideas in Victoria/NSW, so that’s looking pretty exciting,” Mr McGrath said.and make major economic hubs not dissimilar from
“We’re expecting it from the end of the year onwards is when we’ll really start to see a lot more activity there. It is still slow, it still is early days and we are only looking at very limited suburbs over there as lot of the areas are still in rebound.
“For a lot of people, that’s going to be possibly a little bit too risky, so we consider that to be for more ambitious and more experienced investors.”
For those who are fine with the risk, Mr McGrath said now is the time to get into the Western Australian market, and recommended to look for under-value market opportunities.
“We’ve seen the market come off by tremendous amounts in those areas, so even if there was a rebound form of five years ago, we’re going to see huge uplift over the coming years,” Mr McGrath said.
“The best projects that we see there are the small development projects, so the yields are not necessarily in the right place, but the right opportunity to get great sites that are under value that can hold their own in terms of yields, that’ll have great future development potential.”
If investors want to find optimal properties that have that future development potential, Mr McGrath recommended to look for properties priced between $450,000 and $600,000.