Western Australia (WA), particularly Perth, has been gaining much attention for real estate investment. With more affordable options, especially in the suburbs, it’s becoming the prime property investment destination for interstate and international investors. And that’s where a buyer’s agent Perth comes in!
If you’re just starting out with property investment or are an experienced investor, you’ll need the help of a buyer’s agent. This becomes all the more necessary if you’re located outside Western Australia. Finding the right property to invest in takes a lot of groundwork, so you’ll need to be in Perth for months.
However, you can cut the time it takes to find the property and finalise the deal at a great price if you use the services of a competent buyer’s agent.
Why Perth is More Affordable for Property Investment?
For ages, eastern coastal cities of Australia have dominated the real estate market. Understandably, places like Melbourne and Sydney boast high property values and increasing demand, making them prime locations for property investors. However, that also means that prices have gone through the roof.
Those investors who prefer to keep their assets diversified prefer buying multiple properties. But that becomes difficult when the starting prices are in the millions. That’s not the case in Perth and its surrounding suburbs, where properties are still comparatively cheap.
In the past decade, Perth and other WA cities have consistently grown in property value. Moreover, Perth property prices don’t fluctuate as frequently, unlike other major hubs. And owing to the recent property booms, those who invested in Perth in the last 10 years have seen their property values rise significantly.
Still, Perth property prices are quite accessible, with a median house price of $527,000. The suburbs are even more accessible. Therefore, Perth and its suburbs are high-yield options for investors looking for cheaper properties.
Furthermore, WA’s export-oriented economy has a lot of vacant jobs, which means more migration and a rise in demand for housing. That, in turn, results in increasing rental rates and property values. So investors have the opportunity to earn passive rental income and capital gains in property value.
Where to Invest in Perth and Its Suburbs?
If you’re after accessible residential properties in Perth, you should consider its suburbs. The city centre is the most expensive, albeit significantly cheaper than Sydney and Melbourne. However, suburbs are much more affordable, with most having a median house price of under $500,000.
Mandurah is the cheapest coastal suburb, with a median house price of $320,000. The second most affordable suburb of Perth is Meriwah, with a median house price of $386,388.
Other accessible suburbs include Ridgewood, Warnbro, and Butler. Of course, you’ll mostly find houses in these suburbs, but commercial properties are also a good investment option. As the population rises and these suburbs become more crowded, the rents for commercial properties would likely go up along with home rents.
Most suburbs around Perth are at least 30 km away from the coast, which still makes them an attractive option for those who want to live near the beach. But some of the suburbs are also closer to mining areas outside Perth, which makes them a viable option for those working in those mines.
Many suburbs are still in development phases as more housing units are being built, although slowly, because of a shortage of construction workers. So it can be challenging to find many property options to invest in.
How Can a Buyer’s Agent Perth Help?
Navigating the property investment channels in Western Australia can be difficult because not every area is the same. Even in Perth and its suburbs, there are variations in property values and demands. While you may want something cheaper, you also want a property with the potential for growth and income.
A buyer’s agent can help you find the ideal investment property in Perth or its suburbs. DDP Property founder Zaki Ameer specalises in Buyers agency services in Perth advises buyers the following tips :
Source High-Yield Properties
A buyer’s agent can find properties with high rent and growth potential. They can inspect properties based on condition, architecture, area, nearby amenities, and market trends. As locals, they have a better understanding of the demand for property in different neighbourhoods. So they can identify areas worth investing in.
Find Off-Market Properties
Buyer’s agents have access to off-market properties, giving you a chance to invest in lucrative properties even before they go on the market. Because the buyer’s agent also works with seller agents, they can use their network to find out which properties are about to go on sale.
Going for off-market properties can get you high-yield options at competitive prices. They can start negotiation early, giving you more leverage to secure the best deal. Once the property is on the market, different offers only increase your competition.
Complete Due Diligence and Paperwork
Once you’ve found the ideal investment property, a buyer’s agent or buyer’s advocate can take care of due diligence and sale paperwork. As they are experts in their field, they know the ins and outs of zoning codes and other regulations. They ensure that the property is in order and meets all the safety standards.
Similarly, they can help you finalise all the documents to purchase the property. This saves time and energy on your part as an investor.