With plenty of jobs, 3,000 hours of sunshine a year, and world-class beaches, there are plenty of reasons why Perth is one of the best places in the world to live. The capital city of West Australia, Perth offers a relaxed lifestyle–but what does that mean for the city’s real estate?
If you’re thinking of buying real estate in Perth, Australia, or are considering selling your property, it helps to know about market trends for 2021. That way, you can know what to expect before buying or selling.
To learn more, keep reading to find some of the major Perth real estate trends for 2021 and beyond.
Increased Buyer Confidence
In Perth real estate, experts are noticing an increase in buyer confidence, with more and more buyers ready to take the plunge. At the height of the pandemic, many decided to wait and see what happened, worried that COVID might lower property prices.
Low interest rates are also encouraging buyers, eager to lock in a low rate for their mortgage.
However, now that buyers realize it’s safe, they’re eager to buy—especially first-time homebuyers.
More and More Buyers
Another side effect of the pandemic was that many families living overseas have now returned home to Australia. This means an increased number of buyers competing for property–which is great if you’re a seller!
Buyers keen to find an amazing property should keep their eyes peeled for new listings and find real estate agents in Perth to work with, like vividpropertyperth.com.au.
Once you find a home you like, make an offer as soon as possible—even prior to the auction, if you can.
Rising Property Values
Australian real estate is hot—especially in Perth! Home values are expected to continue to rise anywhere from around 8-12%.
This is encouraging for sellers, but buyers should aim to purchase as soon as they can—before prices go up even further.
Higher Interest in Vacant Land
In Perth and surrounding areas, more and more people are showing interest in purchasing vacant land. This is due to state and federal home-buying incentives, designed to encourage people to build their own homes.
Vacant land sales are great for the property market and also for the construction industry. We’re seeing vacant land sales increase around the fringes of Perth, where there’s more open space to build and prices and generally lower.
Here’s What’s Happening With Real Estate in Perth, Australia
Whether you’re a buyer or a seller, be informed by knowing more about real estate in Perth, Australia. We hope this article helped you understand 2021 trends, information you can use to make smart decisions in the property market.
There’s plenty of money to be made with real estate in Perth, WA, so start researching properties in more detail—you’re sure to find a winner!
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