Buying in a buyer's market doesn't mean you can take a lax approach to doing your due diligence and finding the right property.
Blogger: Rory O’Rourke, Principal, O’Rourke Realty Investments
Thereal estate market is currently a buyer’s market with more than 16,000 properties available for sale.
However, it is important to remember that whether you buy in a buyer's or seller’s market, one fundamental golden rule underpins the property market and that is location, location, location.
Just because there are lots of properties for sale in Perth, buyers should not be tempted into buying cheap property in a poor-performing capital growth location.
Instead, they should be looking for bargains in prime lifestyle locations that offer the best opportunity for long-term profit.
Currently, there are great buying opportunities along the Perth coastline and that is where I am strongly recommending buyers should focus during 2016.
Over the past 50 years, Perth coastal suburbs have been a magnet for Perth property buyers and will continue to be so for the foreseeable future.
With property prices now being so competitive in a number of prime Perth coastal suburbs, the current property market represents a once in a lifetime opportunity for astute property buyers to get secure a coastal property.
This is particularly the case for rookie investors, first home buyers and upgraders.
Only a few years ago, a coastal property was out of reach for more first home buyers in Perth, but now there are a growing number of great buying opportunities due to record low interest rates and a downward pressure on property prices.
So my tip for 2016 is: go coastal!
Top 10 coastal suburbs for 2016: