Perth Price Growth
“Price growth is forecast to be strongest over the next three years and exptected to record 19 per cent growth in Perth and Sydney” QBE LMI chief executive Ian Graham said. Solid income and population growth will be driven from substantial levels of investment in mining and resource capacity in Western Australia, creating robust demand for housing in Perth. Despite recording relatively unexciting growth this year, Sydney property prices could rise by as much as 20 per cent within the next three years. According to QBE LMI’s latest housing outlook, a growing deficiency in household dwelling supply will force property prices significantly higher over the coming three years. By 2014, QBE LMI expects property prices in Sydney to be 20 per cent higher than what they are today. In Sydney, the significant deficiency of residential dwellings is likely to continue to apply upward pressure on both rents and dwelling prices, attracting demand in particular from investors. Constrained affordability has resulted in little annual movement in prices in Sydney since 2004, with the exception of the 14.3 per cent increase in the median house price in 2009/10, which highlights the level of pent up demand that can be released as affordability and the economic outlook improves. Brisbane and Darwin are also expected to record strong growth in the three years to June 2014, with economists predicting 16 and 17 per cent growth respectively.
Imagine yourself building wealth with property investment
Considering property investment? Come along to a FREE Joyce Property Investment Seminar where you will get the right advice and experience to help you along the way. There is no obligation or sales pitch and you will know more about property investment when you leave than when you came. Bookings are essential so please contact Mark Coonan from LoanEasy on 1300 883 453 or email markc@loaneasy.com.au to discuss your financial situation so as to assess over the phone if you are in a position to look at property investment.
Perth’s Housing Market
The Real Estate Institute of WA released data that the Perth market seems to have returned to normal with turnover restored to the 15 year average with sales activity from first home buyers allowing trade-up buyers to return to the market to sell their existing home and up-grade
This has resulted in sales turnover being up by sixty percent at this same time last year
An Ideal time for Investors to Purchase
It is a good time for an investor to expand your portfolio with the property market starting to pick up with figures showing that the total dwellings sold in Western Australia in the March 09 quarter was 12,600 (median price $348,500 unit / $430,000 house $230,000 land) “versus” 8,926 (median price $342,300 unit / $420,000 house / $220,000 land) in the December 08 quarter.
Also, the very low interest rates and median weekly rent of $360 also prove to be a good time to to make the decision to sell or buy property.
Property Market Showing Positive Signs
The Real Estate Institute of Australia (REIA) President, Mr David Airey said ABS figures released on 10th June 2009 highlight a property market that has stabilised and showing signs of growth as investors make a return to the market, with first home buyers continuing to be very active.
“This is a really positive sign for the property market and shows that investors are starting to re-gain their confidence while the main driving factor for first home buyers are low interest rates and the availability of the First Home Owner’s Grant Boost (FHOG Boost)”, continued Mr Airey.
The data released also shows a 0.9% increase in the number of established home purchases, in comparison to a 0.5% decline in the number of new home purchases.
“These results show that REIA made an accurate assessment of buyer preferences in its submissions for an extension of the FHOG Boost for both new and existing homes”, continued Mr Airey.
“While the proportion of first home buyers increased to 28% of total owner occupier housing finance commitments, the average loan size decreased by $2,500, reflecting the tightening of bank lending practices in the current economy”, concluded Mr Airey.
Grant for First Home Buyers ends 30th September 2009
Only 4 months to go for first home buyers to claim the full grant of $21,000 if signing a contract to a newly built home and $14,000 for an established home.
If the contract is signed after 30th September, but before 31st December a first home buyer will still be eligible to a lower grant of $14,000 for a newly built home and $10,500 for an established home. In 2010 the grant will revert back to $7,000 for a newly built home and established homes.
Call us now on 1300 883 453 or simply get our Free “First Home Buyers” Report to find out more.
