The magic question ? is it a good time to buy now in Perth?
A client this week asked me, he has a very small budget of $250,000 and only wants a 2 x 1 unit. My opinion is, if you are buying under the median house price you will do fine to buy now.
I think now's a really great time to be buying a rental or an investment property and actually to be honest, it's a good time to be buying any property in my opinion. The people that are selling at the moment we call it the three D's, and that is death, divorce or debt. They're the reasons why people are selling. So however saying that, I know some people that have decided to upgrade, but they're the minority.
So it is a good time to buy a property and especially if it's a rental property because I think the rental property prices are going to escalate as well. So over the next 12 months, I think we will see the prices go up. This will be excellent for all the investors out there, especially in Perth, where they've had a bit of a hard hit the last 5 years.
If you were buying my advice is to get an independent property manager to give you an opinion on the rental. Don't go by what the sales rep is suggesting the rent return is. This will help you decide the price you put an offer in for and help you work out if financially it is a good idea.