Travis Coleman, CEO of ACTON, says Perth property offers investors the chance to save an approximate $80,000.
“There is [a] general belief that the Perth real estate market has now bottomed and this was confirmed by the latest survey conducted by the National Australia Bank,” Mr Coleman said.
“Prime Perth suburbs that are close to the city, river or ocean offer great value for money at the moment, but it is unlikely these rock-bottom prices will not last for long as the local property market enters recovery mode.
“Historically, prime coastal, river and near-city suburbs record the highest level of capital growth over the long-term due to strong focus on lifestyle in the Perth property market.”
Mr Coleman mentioned Como and Subiaco as two suburbs that have seen median house prices fall by $87,000 when compared to this time last year, to prices of $870,000 and $1.2 million.
These prices, however, do not reflect the whole market, as Mr Coleman points out older style apartments in Como are available for under $450,000, which he considers to be affordable.
“ACTON is currently finding strong interest from property buyers who [realise] that now is an opportune time to upgrade to a prime suburb while property prices are still very affordable.”
“Many property buyers in Perth have been ‘sitting on the fence’, waiting for prices to fall, and with growing evidence we have reached the bottom of the current property market – these people will now move to secure a prime property over the coming months.
“The reality is that you do not need to buy an expensive property in a prime Perth suburb to achieve strong capital growth when the Perth property market recovers.”