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The new financial year has already seen an major influx of external property investors into the Perth property market according to Shane Kempton, Chief Operations Officer of Professionals Real Estate Group WA/NT.
Mr Kempton said that these investors have targeted Perth because of its affordability and the growing understanding that it’s reached the bottom of its current property cycle.
“In particular, Perth has seen an influx of investors from Sydney and Melbourne where price growth rates for property are beginning to slow due to moves by APRA to tighten lending for investor housing in these overheated markets.
“Foreign investors who have been active in both Sydney market should begin to focus on Perth following moves by the NSW State Government to double the Foreign Investor Surcharge Duty from 4% to 8% while annual land tax surcharge on foreign buyers will rise from 0.75% to 2% a year.
“House prices in Perth are already nearly half of that in Sydney so an investor in Perth can effectively buy two houses for every one in Sydney.
“Overall 2017/2018 will be a more positive year for property investors in Perth due to a slow down in new home construction will lead to an upward pressure on rental and property values once the State economy begins to gain more traction.
“Anyone who is not familiar with the Perth property market should focus on key lifestyle locations in the city. Properties close to the CBD, river or ocean. Historically, these locations have gained above average capital growth over the long term.
“For example, astute property investors have now a wide choice of properties to choose from in Perth within a 20 kilometre radius of the Perth CBD for $500,000 or less. These properties will be the first to rebound in value during the coming financial year.
“External property investors should take their time in selecting an investment property in the city and focus on suburbs which have a median house price of around or below $500,000 to minimise their risks.
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