The latest Real Estate Institute of Australia figures show that the average property value in Perth increased in the December quarter by $219 a day which, when combined with rental income averaging $49 a day, shows an amazing return of 21% Per Annum on purchase price, RE/MAX WA Managing Director and property investment specialist, Geoff Baldwin highlighted today.
“Even though the Perth figure was the second lowest increase of all capital cities this is an outstanding result in what many still consider to be a struggling market”, Mr Baldwin said.
‘With the increasing positivity around our resources along with our State’s record population growth the supply and demand pressures on the Perth market continue to create upward pressure on prices.
“We have in excess of 5,000 new people coming into Western Australia each week, many of them filling high income positions and all of them needing a place to buy or rent.
“Whereas last year the market was primarily driven by first home buyers, since September 2009 we have seen a strong resurgence of investors especially in the price bracket up to $550,000.
“In 2007, 2008 it was all about the doom and gloom of a market crash, in 2009 the talk was about recovery however based on the latest figures even the most bearish projectionist has got to acknowledge that we are entering another strong growth phase.
“The long and short of it is, there will be no better time to invest in property than the present and investors can be confident about steady, sustained growth for the next few years in both rental returns and property values, Mr Baldwin said.
Media Contact – Geoff Baldwin – 0413 754 414