Foreign investors are snapping up residential properties in Western Australia. According to the NAB’s survey last March, these investors accounted for about 15.6 per cent of new home sales across the country and spend within $500,000 to $1 million on average. One in five people who purchase in WA (mostly in the inner city areas) aim to redevelop the property.
Apart from these investors, there are, of course, Aussies who buy homes in Perth, that they themselves will occupy. Whether you’re migrating to Perth, transferring from a nearby rental place, or moving out of your parent’s home, you need to pick your suburb smartly and find a suitable home that suits your lifestyle. Here are a few tips for first-time buyers of house and land packages in Perth.
When you have investment goals in mind…
Consider Victoria Park, which was recently recognised as the most popular suburb for investment property searchers, according to RealEstate.com.au. Victoria Park is located near local universities, a strip of amenities and retail centres, and the heart of Perth. More than half of the houses here are currently being rented at $505, which means you can get high rental yields if you plan on renting out your property in the future. Although the area is rife with business opportunities, house prices are still relatively affordable, which is definitely a great draw.
When you want a balance of work and leisure…
You can easily access major Perth highways like the Kwinana Freeway or take a ferry to reach the city from South Perth. East and West Perth, on the other hand, are home to a number of small firms. These suburbs have various always-open establishments such as parks, cafes, and restaurants. North Perth, Mount Lawley and Maylands have developments worth exploring, too.
If you are among many first-time buyers of Perth house & land packages, you may be interested in applying for the First Home Owners Grant (FHOG) of up to $10,000. Take note that the cap for the total value of the home will vary based on your home’s location and with respect to the 26th parallel of the southern latitude. Aside from offering home packages in accordance with these restrictions, expert home builders like Buzz Homes can help you identify the suburb that best suits your lifestyle as well as make sense of the FHOG requirements and caps.
One in five foreign property investors eye Perth for redevelopment, Perth Now
Perth’s most popular real estate investment suburbs, Perth Now