WA Perth Market 2022

Labour wanted to remove negative gearing tax benefits but because this was so unpopular amongst voters they decided to remove it. This is why I will not vote for labour again.

 

Federal Labour has promised funding/support for an Aboriginal Cultural Centre in Perth.

According to one of the pollies, it will attract international tourists - like the Opera House does for Sydney.

Seriously!!!

 

I do like lot of labour's promises but my only issue is the possibility of penalising property investors. Maybe when I am rich I will vote labour

 

Melbourne and Sydney house prices tumble

Perth still pushing on. Only a weeks data, but i reckon brissy slows down, adelaide takes over lead for a few months, then perth for the nrxt five years.

 

It is insane how cheap Perth is compared to other capital cities

Homes in Perth near city, beach for less than $350,000 in state with 2.9 per cent unemployment | Daily Mail Online

 

I wish I purchased a higher price IP in Perth.
I had the loan facility to go a bit higher.
But can't buy another one. Have too much debt.

 

Some 3-5 Bed Houses on large blocks 700sqm+ seem to be taking a little longer to sell in the CoM over the past month than they would have earlier in the year. There has been some discounting however I think this is largely due to sellers greed hitting all time highs with listing prices absurd at times. Agents are now revising pricing to within in a ballpark which buyers are happy to meet.
Are people seeing this in other areas?

My theory is all the media and attention around the election, interest rates rising and inflationary pressure may have shifted sentiment slightly negative when it comes to housing. I had planned to list my PPOR in 2023 however I am considering revising that now for a Spring 2022 Sale.

 

3 in 4 investors set their eyes on Perth, Brisbane as top spots

Another article about Perth

 

I didn't notice it really. I've been pottering around at home opens around Kardinya, Booragoon, and Winthrop type areas and it's even busier than before, if that's possible.

I was a little surprised.

 

I wish I had bought in these areas. They are nice areas.

 

The weather has been amazing so we’ve been boating and fishing more in the past month. It was a bit quieter at the couple of home opens we made it to. A lot I didn’t make it to still sold at first home open. Low 4’s market.

 

Records prices achieved atm in Willagee. Literally little or no stock.

 

Certainly busy with plenty of people still showing up to Home Opens in these suburbs, me included. I have just noticed new listings in April/May staying on the market for 2-4 Home Opens rather than selling before or after the 1st Open and some discounting which I was not seeing Q4 2021/Q1 2022.

 

Perhaps factors like Covid and the unusually good weather (until this week) have played a part in those looking to buy. I’m monitoring the Low $1mils market at the moment. I guess I can’t expect these properties to sell after 1st Open all the time.

 

Watching a report on Perth property, REIWA commented on not enough new builds, supply shortage, this means continued growth for Perth.

Not being able to build houses quick enough, ie closed borders, not enough trades, supply issues, houses taking too long to build

What I am noticing is the rapid rise of rents

Its a good time to be a land lord and to grow a property portfolio in Perth.

Rents will help mitigate interest rate rises, we are also at a very low base/median. We are in a catch up phase and we have a long way to go

 

Aye. Do you have the link?

 

No sadly I dont. I tried to find it no luck

This is nothing new though. Its really a symptom of what is happening in build industry today. Its completely bottle necked.
REIWA site have an older link March 2022, go to site to view

I can confirm that I have had several buyers contact my builder wanting to buy my villas. Desperate times

My builder has not seen anything like this in his time in the build business.

 

you can search "perth" in spotify and there will be several podcasts.

 

Front page of The West Australian newspaper today and page 8.
REIWA made the statement

 

Hey @MTR do you think apartments will catch up too? I am seeing good yields with units but not sure whether capital gain will be