It has certainly been a powerful year in the Western Australia property market for 2013 and as the year draws to a close, we have the opportunity to reflect on the Western Australia real estate industry that has continued to strengthen, month by month.
Despite reports the WA mining boom has passed its peak, the Western Australia property market is showing little signs of slowing down. The median house price boosted to around $535,000, which is bucking the national trend in the Australia property market, where as in other states the price gains appear to be slowing. This is a growth of $30,000+ in the real estate Western Australia offers since the September quarter.
One of the drivers for the jump in the investment property market is WA’s strong population growth and subsequent demand for the real estate Western Australia offers. Six of the top ten fastest growing councils in Australia are located in the Western Australia property market, with three in the Perth metropolitan area.
The property investment market figures demonstrate this. Interest in house and land packages in the Western Australia property market has jumped with figures showing 633 entry-level buyers built new homes in October which is a big increase compared to 507 at the same time last year. This has been driven by the $3,000 boost to the first home owners grant which jumped from $7,000 to $10,000 in September 2013 for those who build a new home or buy a newly built one. The grant was cut to $3,000 for those who buy established properties. It seems more people are taking advantage of the Western Australia real estate opportunities.
Interest in house and land packages and newly built homes for investors have also grown in the Australia property market, with Investor Assist experiencing an increase in enquiry and finance applications throughout the year.
The buoyant property conditions were consistent with the Reserve Bank’s decision to leave interest rates unchanged at 2.5% in the Australia property market. Although the Western Australia property market is still performing well, the national economy has grown a bit below trend and unemployment has edged higher which fuelled the Reserve Bank’s ongoing decision to ‘wait and see’.
The low interest rates have proven appealing to investors in Western Australia real estate with many capitalising on the strong economic conditions to invest in a house and land package or newly built home. There is an attractive offering of investment product throughout the state with investors being spoilt for choice if they are willing to act on the figures in the investment property market.
2013 looks set to finish on a high in the property investment market and positive investor sentiment is expected to flow into 2014. Investor Assist is looking forward to a strong year in 2014 as investors continue to make well educated and researched investment decisions when it comes to the real estate Western Australia offers.
If you are thinking about property investment and would like more information about the current Western Australia property market and to assess your options, come along to an information event in 2014 or chat to one of our Property Specialists. It won’t cost you a thing but it’s well worth the effort to become involved in the real estate Western Australia has to offer.
Would you like to learn more about the investment property market? Contact our team of Property Investment Specialists today to discuss the Australia property market or download our Assist Kit to help get you started.