Did anyone watch this on today tonight last night? This ‘real estate man’ s advice to the public of Perth was to rent for the next four years before even considering entering the market! (this man clearly has many investment properties)The average rent in Perth is approx $250 pw, that’s $52,000 in total over a 4 year period.
I purchased a property 3 months ago in Perth – they wanted from 350k and took 311k, 7 months ago this would have not occurred and in saying that there was a growth of approx 4.5% in the last quarter. Any who I think this 4 yr recommendation is bs and I hope no one was put off in buying there 1st property because of this nonsense. Play it by ear, if you see what appears to be a decently priced property i would snap it up.
Buddy that’s old news been like that for the last three years, agent was right on the money …… Oh sorry you’re talking about Perth NOT Sydney..
Don’t worry Perth is “special”
Loved the story!!
He was an economist not a real estate guy from memory.
They’re ‘smarter’ btw ( always predict thigs correctly right?)Perth is special coz its not Sydney.
The economis of the two states are competely different ( read basket case running annual defecits vs strong export driven running surpluses)His summation that Sydney went into a ‘bust’ end of 2003 therefore Perth will do the same is so basically flawed its has to be taken as a joke.
Granted, that if iron ore prices go off the boil in 2008/2009 things will slow down may be accurate, but to completely overlooks the oil/gas situation, which is still ramping up.The name of the game going into the future is ‘energy’ and not commodities.
Energy demand will continue to grow….The dill need to get out of his office and out of Sydney more…have a look on the ground in the real world…
Anyway, the more scare mongering the better, scares the market into submission, and makes it easier to secure those good property deals.
The feedback I am getting from Perth is that some of the asking prices are more reasonable and small development projects are starting to look viable again based on te numbers.
kp
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