Interested in Investing in Perth Property in 2024?
Investing in real estate is a complex venture that is influenced by various factors such as market trends, economic shifts, and regional developments.
In Perth, where the property market has undergone significant changes in recent times, prospective investors may be wondering if it is still a profitable investment choice in 2024.
In this regard, it is essential to evaluate the advantages and disadvantages of investing in property in Perth.
Pros of Investing in Property in Perth:
- Economic Strength: Perth's economy is underpinned by the resources sector with many commodities currently enjoying buoyant prices, including iron ore, gold, lithium and gas.
- Desirable Lifestyle: Boasting the best climate of any capital city in Australia, as well as white sandy beaches, the sprawling Swan River and plenty of green spaces, many people find it a great place to live.
- Population Growth: Perth has been leading the nation in population growth due to a strong jobs market and desirable lifestyle. This, of course, creates greater demand for housing and puts upwards pressure on property and rental prices.
- Education and Healthcare: Perth has world-class schools, universities and hospitals, which makes it attractive for families of all types..
- Infrastructure Development: Ongoing infrastructure projects, such as MetroNet, Ocean Reef Marina and ongoing evolution of the CBD, including development of the new ECU city campus development of Elizabeth Quay, contribute to the overall development of the city.
Cons of Investing in Property in Perth:
- Market Volatility: The property market in Perth is influenced by changes in the economy, especially in the resources sector. Investors need to be aware of possible market volatility, however Perth is well placed to take advantage of the renewable energy transition.
- Distance from Other Major Cities: Perth is the most remote capital city in the world. While this worked to its advantage during the pandemic, as the state was able to close its borders to maintain a strong economy, this remoteness could limit investment opportunities compared to eastern-states cities..
- Lack of Diversity: Perth property prices are closely linked to the strength of the resources sector, which is the biggest employer in the state. While the WA government is taking steps to diversify the economy through tourism and technology, there is still a lot of work to do to help diversify the economy.
So, is it still worth it to invest in Perth?
The fundamentals of the Perth property market remain strong as demand for housing remains high and supply is restricted.
However, property investors considering the Perth market need to be aware of the city’s close ties with the resources sector, and the large cyclical swings this can bring.
If you're looking for property management experts in Perth, Rent Choice is the ideal choice. We specialise exclusively in property management, ensuring expert care for your investments.
Our team has decades of experience in the Perth property market, providing unmatched insight and knowledge. At Rent Choice, we believe that property management should go beyond rent collection. It involves giving property owners the freedom to enjoy their investments by efficiently handling all responsibilities.
Contact us today for excellent property management services in Perth.
Source:
Ng, T. (2023, November 22). WA has emerged as a property investment hub, and why that’s a good thing. WA has emerged as a property investment hub, and why that's a good thing | The Property Tribune.
