Q. I’m a Sydney resident looking at the WA property market. What do I need to do to gain an understanding of Perth?
A. The best place to start is understanding the big picture.
The city is likely to more than double in population over the next 35 years, so there is a lot to consider. Look for proposed infrastructure and rejuvenating areas. Look for proximity to transport and shopping. As the city gets bigger, people will pay a larger premium to be near amenities, particularly public transport.
If you can’t visit, start researching on the internet, reviewing state government planning proposals (including the strategic plan) and council information.
Once you have identified some areas, narrow your search to one or two suburbs, as it will be impossible to become an expert across the whole city. No location or property will be perfect, so choose one that meets most of the fundamental criteria for investment.
If you can’t be in Perth and don’t want to miss out on the market moving, employing the services of a Perth-based buyer’s agent can be invaluable in researching and negotiating a property that suits your investment criteria.
There is more competition in the Perth market, so prices are on the move. Value is still achievable in Perth; villas, townhouses and duplexes within 10 kilometres of the city in the sub-$500,000 price bracket are available. Be realistic on price and don’t expect a bargain – a low offer may mean you miss out to someone willing to pay a higher price.
Damian Collins, managing director, Momentum Wealth