While the current rental crisis is opening up opportunities for property investors across the country, Perth can also boast the title of Australia’s most affordable city, which makes it a prime buying target for new investors looking to get into the market at a lower price point.
Let’s look at why Perth rates so highly on the Ironfish scorecard:
- Strong Economy = More jobs,
Over the two years of the pandemic, Perth’s domestic economy grew by more than 2.5 times than the rest of the country. Combine that with the lowest employment rate in Australia, and you’ve got more people looking to spend their hard-earned income on quality accommodation.
- Population Explosion = More people looking for a place to live
With the borders now wide open, Perth’s stunning weather, pristine beaches and access to international ports is once again attracting people from all over the world. In fact, Perth’s population growth rate is set to increase by a phenomenal 75% over the next 3 years. All those people will be looking for a place to live, and as current trends are showing, they’re more than willing to pay over the odds for it. And that means more cashflow via higher rental yields.
- Fastest selling market – Blink and you’ll miss a great opportunity
Perth property is hot property, and with demand growing to epic proportions, many homes are taking just 18 days to sell.
“We see Perth as being the strongest market in the sense that it’s going to have good consistent growth over the next couple of years” – Grant Ryan, Head of Property & Research Ironfish, addressing The Urban Development Residential Apartment Development Summit
- $100m Government incentives
The government are backing Perth all the way, setting up a $100m fund to attract more overseas businesses and jobs to WA.
- 50% stamp duty rebate for off the plan apartments
This is a big one for investors. If you buy an off the plan apartment before 23rd October 2022, you’ll be rewarded with a 50% stamp duty rebate (capped at a maximum of $50,000) So from day one, you’ve started making money on your investment. More information can be found https://www.wa.gov.au/service/financial-management/taxation-and-duty/apply-the-plan-duty-rebate
