We’re shuttling full speed ahead into 2017, and it’s the time of year that many people start to make big decisions about property; whether it’s choosing to buy or invest, or searching for a new home to rent in Perth. So, are we heading into a buyers or renters market in 2017? At ACTON, we know that these aren’t decisions to take lightly; so we’ve done the research for you. Here are a few things to consider when it comes to deciding whether to buy or rent this year:
Record low interest rates
The second half of 2016 saw the Reserve Bank slash interest rates to a historic low of 1.5%, and there are no indications that the rate will change on a dramatic scale in 2017. If you have been waiting for the right time to invest or buy your first home, it’s now! Low interest rates make things much easier for home buyers to invest, and it’s a great time to get into the market before interest rates and the economy begin to rise again.
Invest before the next boom
In Western Australia, the economy has slowed considerably since the first major mining boom in the mid-2000s gave it a boost. This means that not only have house prices dropped a little, it’s also the perfect time to invest while prices and interest rates are low. Predictions show that there is likely to be another boom on the horizon, and the economy will likely follow; so it’s the perfect time to secure an investment and be sitting pretty when the next boom arrives.
Low rent prices
An oversupply of rentals and the fallout of WA’s mining boom have led to lower rent prices across Perth rental properties – from the north to the south, and back again. If you are looking to move into a rental for the first time, or are hoping to move out of a current rental, now is the ideal time to start looking. Landlords are dropping rent prices and are more eager to find tenants; so you can find a new home on your terms.
Oversupply of rentals
There is a record number of rentals on offer across Perth – particularly when it comes to apartments – and the oversupply has led to both lower prices and the opportunity for renters to be choosy when it comes to deciding on a new home. Gone are the days when renters had to fight over that perfect property – you can now afford to search for a house or apartment that suits all of your needs, in locations you may not have previously been able to afford.
Whether you are looking to buy your first home, add to your investment portfolio or find a rental property in Perth, 2017 is an exciting year for property. If you’re ready to take the next step, our experienced property agents at ACTON Real Estate are on deck to help you find your next home or investment. Get in touch today to find out how we can help you.