Compared to Sydney or Melbourne, Perth isn’t known as a multicultural city. Because of this, people assume it’s boring when it’s actually interesting and underrated, although it’s definitely more suited for living. But nevertheless, the city still has something for everyone to enjoy even when it’s not an immense metropolis.
The mining boom may have been long gone, Perth continues to grow and is attracting more travellers and expats due to its natural beauty, rising foodie scene, and proximity to wine valleys. Once safe and comfortable travelling resumes, visiting Perth is definitely worth it. You’d be able to see another side of Australia that you may not have seen before or realize is actually there. Meanwhile, a little sneak peek here and there with the help of virtual tours may help give you an idea of what Perth is all about. You can now see Perth, Australia even at the comfort of your home, thanks to modern technology. Matterport 3D virtual tours are the leading software in creating any form of virtual reality and popular among real estate professionals as well as the tourism industry. It facilitates the creation, customization, and publishing of 3D virtual tours. This allows the users to explore amazing tourist locations like Perth at their leisure and accessible through their phones or web browsers. So you can really enjoy the tour as if you’re actually there in person.
With these virtual tours, you may realize how amazing Perth really is. It may even get you interested, not just in visiting, but in real estate as well may it be to live there or invest in a property, especially if you’ve always liked Australia. If that’s the case, here are further reasons why investing in Perth makes sense.
One look at median house prices in Sydney and Melbourne and you would know that Australian houses are one of the most expensive in the world. In fact, property values in east coast capitals continue to rise, even Canberra is catching up. With this, the idea of snapping up a bargain almost seems impossible. But not if you widen your horizon. Those cities mentioned aren’t the only ones in Australia, right?
Time to think outside the state and consider the capital city of Western Australia–Perth. The median house value in Perth is around $519,000, making it one of the most affordable cities in the country. Aside from that, the ratio of sales to new property listings is holding steady. The lack of fluctuation in this area indicates good price growth. So why not take advantage of that instead of forcing your way into the more expensive cities. Besides, buying a property in a more affordable area to rent out, while you continue to rent and live in a different location because of work or family ties is okay too. Over time, you will increase your equity in the rental property in Perth as it grows value, which could fund a deposit for a property in your dream city. Or you can also continue to ‘rentvest’ since doing that in Perth is a good city to start and it gets your foot on the property ladder.
And if you do decide to go through with that, it would be a good idea to hire Matterport tour providers. Virtual tours immediately help generate more interest in your listings and boost your sales. Providing a virtual tour that represents your property listing really well is a highly effective marketing strategy that will leave a positive and lasting impression on potential renters. This is especially because only 10% of agents today use virtual tours to market listings. Usually, it’s only photos and videos. So with a virtual tour, you’d be elevating yours from your competitors to an entirely new level.
Strengthening Rental Yields
Rental properties in Perth started to take off during the height of Australia’s mining boom. Workers were relocating to Perth from around the country and overseas. And then with the decrease in median rent price, a new generation of renters started flocking to Perth which helped steady the leasing activity in the city. In fact, Perth has seen an increase of 23.8% in 2019. If Perth’s greater house affordability and decreasing vacancy rates haven’t caught your attention, then perhaps the West Australian capital’s gross rental yield will make you sit up and take notice. Because it’s higher than those of either Sydney or Melbourne. In fact, at 3.6% Perth’s median yield is 0.5% higher than all other capital cities combined.
Perth’s Population Growth
In the next eight years, Perth is expecting 300,000 more, in addition to it’s 2 million population. This will naturally impact the city in a significant way as it will most likely have to invest in new infrastructure and increase housing to accommodate that kind of population growth. This then will be met by a combination of greenfield developments, otherwise known as suburban sprawl, or increasing density. Either way, with demand rising, anyone owning property in Perth is bound to see strong rates of growth.
Perth is known as a big, friendly country town. It is big enough to attract and hold sporting, arts, and cultural events but it’s still a lot quieter and calmer compared to Melbourne or Sydney. You only have to look at their peak hour traffic to notice a welcome difference. It also has stunning beaches, beautiful parks and gardens, and museums that people can visit and enjoy. And when you live there long enough, you may even find yourself enjoying simple days just like how the locals do staying at home with family or having a quiet meal with friends.
But even if you don’t plan on living there, investing in a property in the city allows your potential tenant to experience the awesome lifestyle. Not to mention that health care and education standards in Perth can even give other cities a run for their money!
It’s Commercial Real Estate Is Bouncing Back
Perth’s commercial property market is bouncing back even with the pandemic still happening and the initial fears of it derailing sales in different businesses, including real estate, for a while longer. The sales actually started moving again as early as April last year, starting off with two major commercial deals closed by JLL. In another case, a two-level boutique office building was even sold off in the heart of Leederville’s tightly-held commercial and entertainment precinct. Even in the middle of lockdown, the was still a lot of interest from investors which then resulted in a contract being signed just after two weeks the property was listed.
There have been more reported accounts of commercial properties being sold and being put in the market since then. So it’s a good sign that you can pretty much proceed to your investment plans. Just make sure to proceed with the same caution you would when investing in anything. Do your research and take advantage of 3D virtual tours of the property listings to check out all the properties that you’re interested in. This will allow you to check more than a couple of properties with much less time, energy, and money. As a result, you get to make a shortlist of the ones you’re actually interested in and fits your requirements. Plus you manage to minimize interaction with other people which will definitely keep you and others feel safe under these circumstances.