Perth is a beautiful capital city in Western Australia. Over the years, we have seen staggering growth in population in Perth. In the early to mid-90s, its population growth was hovering around 1.8%, but now that rate is estimated to be over 3.2%. The population of Perth has surpassed 2 million marks as of today.
The fundamental law of economy says, the higher the demand, the higher the price. The higher population will eventually lead to an increment in the amount of the properties. Take a look at the growth chart below.
The median price of housing in Perth is $510k in December 2018, which was 5.2% higher than in previous quarters. With that said, the prices are still affordable.
The price of properties depends on various factors like area, infrastructure, population, demand, and so on. In this article, I will show how you can select the best deal out of many houses builders Perth out there, according to your need.
Consider these Factors before purchasing a property
Some properties are expensive; some are moderately priced, and some are somewhat cheaper. You can also contact affordable home builders if you want a customized house. However, it does not mean that cheaper properties are wrong. Everything depends on your needs. In this section, you will know what factors to consider before choosing a property in Perth.
- Make sure your area has an excellent infrastructure
There is no point in buying a property in an area with no good foundations. The price of the property would be comparatively lower, but you might regret your decision later. The total area of Perth is 6,418 km². Undoubtedly, a project in one area will not impact every city of Perth.
You should check out the future capital growth in the area that you want to buy a property. Here is a link that will direct you to an official website that will give you detailed information about the upcoming projects in different areas of Perth.
One of the infrastructures that you must consider is the presence of reputed universities. It will be a great attraction for many people, and you will see the price go up.
Just recently, the WA government proposed $45 million colleges in the City Link Development. Keep track of all the significant development works going on in the area.
- Do some basic research about the type of people living in your neighborhood
You would want to do some research about the type of people that are living in your neighborhood. Make sure that the families around your area are respected people who are contributing to society.
- Check out different aspects of the property market
You need to go beyond the size and design of the house before purchasing a property. Check out things, such as rental returns, depreciation, positive/negative gearing, and so on before making your purchase decision. By checking out these things, you can sell your property in the future in profit by making a little modification with the help of home builders, Perth.
To know more about property valuation, you can check the past trends of the real estate in that specific area. You can check out the official website, REIWA, for detailed information.
- Get out of the comfort zone
You should get out of the comfort zone when researching house and land packages. You may be tempted to purchase a property in the familiar area. However, it may not lead the best deal.
Get out of the comfort zone and research about the area, even if you are not familiar with it. You might find an attractive property at an affordable rate if you do that.
- Check ongoing costs and make a list of professional property managers
In some houses, you may need to spend higher maintenance costs, such as pool maintenance. Before making a purchase, you need to keep note of every single ongoing value to see if the property is affordable for you or not. Contact with the insurer to see if it can cover the costs.
One more thing you can do is get in touch with property managers and consult with them. In case you want to rent the place in the future, they can help find you better deals.
Over to You
Unlike cars, smartphones, laptops, and other goods, the property is something that most of you will buy only a few times in your lifetime. It is one of the most critical decisions in life. Perth is an excellent place to buy your dream home.
If you consider the points that I’ve mentioned in this article, you are highly likely to make the correct decision. I hope this article has offered valuable insights to you. If you have any more tips, feel free to leave a comment below.