Interstate homebuyers are increasingly interested in what Western Australia has to offer, with Perth emerging as the fastest growing major market in the last month, according to Momentum Wealth.
The latest data from the group showed that at the end of 2020, the housing market in Western Australia reported a 164% increase in interstate surveys.
Emma Everett, buyer agency team leader at Momentum Wealth, said the sudden spike in interest in the state's real estate market was due to investors and to buyers looking to relocate to Perth after the COVID-19 pandemic.
"For those investors who have benefited from the recent upturn in their own market, there is certainly a great opportunity to take advantage of the state's affordability and enter the market of Perth to take advantage of their respective growth cycle, and I think many investors are now recognizing that. could be a time-limited opportunity, ”she said.
One of the main factors Perth is regaining investor interest is tighter rental market conditions, which reflects better prospects for returns.
"As we start to see sustained growth in property prices, WA is currently one of the more affordable states to buy in Australia, which, combined with a significant tightening of the stock rental income and initial rental increases, had a positive impact on rental yields, ”Everett said.
In fact, Momentum Wealth estimates show that houses in Perth with robust underlying property values ??have had yields ranging from 4.8% to 5.5%.
However, Everett noted that while conditions are improving overall in Western Australia, some parts of the state do not have as bright a prospect as others.
"Likewise, we have seen that performance can also vary considerably depending on the type of property, so we advise investors to buy selectively, and if you are not familiar with the local market, hire someone who can offer that local expertise to guide you in making the right investment decision, "she said.
Top suburbs:
Darlington
,
Bligh park
,
Wentworthville
,
north epping
,
coolbellup
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