Firstly a quick hello to all.
I am shorlty migrating into WA with my family and was wondering if anyone had any pointers for us.
We are very interested in buying an apartment or something for the first 12 months after we arrive in order for us to “settle in” with a view to buying a block later and getting our dream home built from scratch after which we would sell the apartment or rent it out..
Please does anyone think buying now(we are arriving in Perth in October )would be a bad move as i get a feeling that a lot of peopple are expecting a crash soon in property values.
Would we be better off renting and keeping our cash “liquid”?
Any replies both positive or negative would be greatly appreciated.
Cheers
JohnHi Cafall,
I live in WA and am astounded at how the Perth property prices have caught up to and now surpassed the other capital Cities in Australia. This is due mainly to the current resources boom (Global) and the extreme shortage of labour.
I work in an engineering firm in Perth, and looking at the work currently on the books for major International companies and knowing that most other large engineering firms out there are experiencing the same, I do not see the trend slowing down too much in the near future. Despite the interest rate rises.
What will happen, I believe, and what is beginning to happen, is rents are starting an upward trend to catch up with the housing prices. This will only escalate as the interest rates increase and home owners on the verge of not being able to afford their repayments re-enter the rental world.
So I may not have answered your question directly but hopefully I have given you a little insight as to what is happening in the local market at the moment to help you decide what to do.
Bare in mind this is only my opinion and I could be wrong.
Hi Cafall,
I live in WA and am astounded at how the Perth property prices have caught up to and now surpassed the other capital Cities in Australia. This is due mainly to the current resources boom (Global) and the extreme shortage of labour.
I work in an engineering firm in Perth, and looking at the work currently on the books for major International companies and knowing that most other large engineering firms out there are experiencing the same, I do not see the trend slowing down too much in the near future. Despite the interest rate rises.
What will happen, I believe, and what is beginning to happen, is rents are starting an upward trend to catch up with the housing prices. This will only escalate as the interest rates increase and home owners on the verge of not being able to afford their repayments re-enter the rental world.
So I may not have answered your question directly but hopefully I have given you a little insight as to what is happening in the local market at the moment to help you decide what to do.
Bare in mind this is only my opinion and I could be wrong.
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