As Perth’s apartment specialist, the most common question I get asked is “what’s happening in Perth’s apartment market?”
The answer to this question depends on who’s is asking and what is their purpose?
If you’re a first home buyer looking for an apartment to live in because it’s close to work, more convenient to get around and requires low maintenance which suits you perfectly because you’re busy with life, then right now is a great time to buy. I recommend you start by looking for the right location, followed by focussing on the development attributes such as specific apartment layouts, quality of finishes and compare it’s value to others on the market. In my opinion, Perth’s apartment market represents an excellent opportunity for first home buyers to get on the property ladder.
If you are a downsizer, you maybe finding it a bit more challenging to find that perfect “last” home as most apartments you’ve seen have been too small, too crowded or too noisy. We are starting to see more developers cater for this need and it maybe the case that you will need to secure the right apartment off-the-plan first, because when they are completed the one you want will most likely be sold. One thing to watch out for is do your homework and background check to ensure the developer has a good reputation. Do this by googling the developer’s name, look up their Facebook page and read their customer reviews. It can save you a lot of unnecessary heartache and surprises if you know others before you have had good experiences.
If you are an investor, you want your investment to make you money and at the same time, you want to know your money is safe. The key to achieving this is by investing in the right location at the right time. Look for areas close to the city within a 10km radius that have lifestyle attractions like cafes, shops & restaurants which makes them highly desirable to rent. At the moment, developers are keen to do deals so timing couldn’t be better. Sweeten the deal with a rental guarantee and you’ve got yourself a great investment that will perform well in the years to come.
In conclusion, as the Perth market inevitably recovers, the opportunity is definitely out there for the savvy buyer to secure a great deal. This window of opportunity will close and I hope that you will buy well, live well and prosper.
John Woon
Managing Director
