If you’re the current owner of an investment property, or perhaps you’re planning to make 2020 the year to kick start your property portfolio, the Perth property market looks set to present an exciting year of opportunity for savvy investors who can recognise the signs of a resurgent market.
A New Decade of Investment Property Growth in Perth
It’s hard to believe we’re now in a new decade, but with fresh beginnings come fresh opportunities for snapping up ideal investment properties within the growing Perth market. Last year, the feature story of the WA real estate industry was that the rental market outperformed the sales market, with median rents sitting at $350 per week since April 2017, becoming the longest period of stable rents since 2001. This stability is reflected in the 32 consecutive months and counting of unchanged median rent prices currently experienced in Perth’s property market.
Healthy Signs for Perth Investors
Property experts are feeling quietly confident about the year ahead. With property prices enjoying a slight increase towards the end of 2019, and a low vacancy rate sitting at 2.3%, Perth is primed for a year of growth for property investment experts.
Affordability is a major driver in the appeal of the Perth property market. Perth, as a capital city, presents an attractive option for local and interstate investors in 2020 due to the levels of affordability being the highest it’s been since Quarter 3 of 2004. Perth is currently more attractive, from an affordability standpoint, when compared to both Sydney and Melbourne.