Astute property investors should be targeting the Perth property market now rather than later.
Blogger: Daniel McQuillan, executive director, Investwise
Investing wisely in property is all about timing as well as location. If you get both correct, then you can create personal wealth within a short period of time.
Astute property investors should be targeting the Perth property market now rather than later and these are my five key arguments for taking this approach.
1. Everyone is saying not to buy a property in Perth
That is the exact time when you should buy property – don’t follow the herd. If you read about the most successful property investors in the world such as Warren Buffett, they have made their wealth buying purchasing assets when everyone else was running away from the market.
2. Big choice of properties
There are now more than 16,000 properties for sale in Perth. If you target a prime location, you can buy into a high capital growth area and still achieve a great discount off the listed price.
3. Perth is a long-term success
Look beyond the negative headlines. Over the past 30 years, the Perth real estate has gone through a number of cycles, but if you held property over the long term you would have gained substantial capital growth.
4. It is affordable
See what you can buy in Perth for $500,000 compared to Sydney or Melbourne. Perth is now affordable due to major correction in prices, whereas in Sydney and Melbourne property is becoming unaffordable.
5. A growing city
Perth is like Sydney was about 20 years ago. All population projections show that over the next two decades, the population of Perth will explode and this will put an upward pressure on the value of properties in prime riverfront and ocean side properties. Now is the time to buy into these areas!
Investwise is now finding a small number of property investors in Sydney are now buying into the Perth market in growing numbers. They can see the potential in Perth and are taking a 10-year perspective of this market. It is only a question of time before this trickle of investors becomes a flood. That is why you should get in early and buy an investment property NOW in Perth.