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1. Do careful pre-purchase due diligence Don’t believe the selling agent when he tells you the property will make a great development site. You need to undertake careful areas due diligence including checking the council zoning, as well specific property due diligence. 2. Get your budget right Do a detailed feasibility study – be realistic rather than optimistic and include all the little costs beginners tend to forget. Then allow a contingency in case unforeseen costs crop up, because they always will! 3. Don’t overpay It’s important to buy your development site at a price that allows you to make a fair profit; otherwise you’re immediately at a disadvantage. 4. Get a good team around you Your team is likely to involve a property lawyer, accountant, finance broker, architect, real estate agent and a project manager to oversee the whole process. And remember…if you’re the smartest person in your team, you’re in trouble. 5. Be realistic about your schedule It’s not unusual for developers to be overly optimistic with their scheduling. Setting realistic time frames will help you budget more accurately and remember to set aside some contingency money in case unforeseen problems stretch your schedule. Source: x 10 Golden Rules of Property Development With our property markets bubbling along nicely many investors are looking at taking the next step and getting involved in property development.While the
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After a long period of stagnation, the Perth property market has started to show green shoots of recovery. Will the Western Australian capital be able to sustain growth long enough to benefit investors in the long term? Perth, along with Brisbane, garnered the highest level of interest from investors based on the survey conducted by property investment consultancy Momentum Wealth, which collected responses from over 400 investors across Australia. Overall, 68 per cent believe that it is still a good time to dive into the housing market right now – a significant increase from last year’s 53 per cent and the year prior’s 44 per cent. Investor interest remained highest in Perth and Brisbane, with 37 per cent and 26 per cent of respondents respectively choosing the capital cities as the best locations to invest in the next 12 months. Team leader of Momentum Wealth’s buyer’s agents Emma Everett said that the relative affordability and growth opportunities in both Brisbane and Perth are likely to be the primary drivers of continued interest in their property markets. “While Brisbane’s property market has been recording steady growth for some time, continued improvements in rental conditions and a significant tightening of stock in Perth’s housing sector are now driving the consensus that the property market is moving into recovery phase, with savvy buyers realising the counter-cyclical opportunities at hand,” Ms Everett highlighted. “Investors are also recognising the value for money these markets offer, especially in comparison to places like Sydney where prices remain significantly overvalued and affordability constraints are pushing buyers out of the capital city market in favour of regional or state alternatives.” Further, Perth is considered as the capital city market with the best long-term prospects – 61 per cent of respondents ranked the Western Australia capital as the location with the highest three-year growth potential. According to Ms Everett, a number of factors are contributing to a strong long-term outlook for Perth’s residential housing sector, including growth in population and the mining sector. “While we’re already seeing early improvements across Perth’s rental and capital markets, rising activity in the mining sector, increased infrastructure spending and early signs of accelerated population growth are providing strong indicators for the market’s future performance,” she said. Moving further into 2020, Perth’s median house price of over $500,000 should be able to provide investors and owners with value gains of 5 per cent in 2020, based on Domain’s Property Price Forecasts for February 2020. In 2021, the Western Australian capital may experience a further 3 to 5 per cent improvement to prices. Still, Right Property Group’s Victor Kumar reminded investors to be cautious and do due diligence before investing in the Perth property market. “We have been buying strategically in Perth for a little while, but it is not a market for the uneducated, given prices remain more than 20 per cent below their peak, with different suburbs all at different phases of recovery, with some still falling,” he said. Property values CoreLogic’s February 2020 Home Value Index has found a rebound in the pace of capital gains across the Australian housing market throughout the month, seeing the national index rise by 1.1 per cent. The strongest capital gains were recorded in Sydney, at 1.7 per cent to $872,934 and Melbourne at 1.2 per cent to a median house value of $689,088, followed by Brisbane ($503,265), Canberra ($631,862), Hobart ($488,968) and Adelaide ($439,453). For Perth, a 0.3 per cent increase in dwelling values reported for the month is being flagged by CoreLogic as “evidence that the long-running downturn is over”. It’s the Western Australian capital’s fourth consecutive month without a value drop, bringing values to a median of $442,691. However, despite values now trending higher, “the recovery period is likely to be a long one, with Perth housing values remaining 21 per cent below their peak”, according to CoreLogic’s head of research Tim Lawless. Supply and demand The week ending 1 March 2020 saw Australian capital city auction volumes reaching their highest levels since late November 2019, according to CoreLogic’s latest auction market preview. With over 3,000 homes taken to auction, a success rate of 73.9 per cent was achieved. “The last time the final weighted average clearance rate maintained [such] strength across such a high volume of auctions was back in early 2017,” it revealed. Breaking down the results by capital cities, Melbourne recorded its busiest week since March 2018, with 1,612 auctions reported. It returned a final clearance rate of 74.8 per cent. Growth outlook Money has started to move from the east coast to the west as the western property market witnesses recovery, according to a previous Domain study. According to the study, Perth is likely to see its fastest growth since the mining boom in 2014, which is welcome news for investors who have bought and held during the boom. The median house price should be $564,000, which, while higher than the current median value, is still 8 per cent below its previous peak. To take advantage of the potential for future upswings, Property Club president Kevin Young encouraged investors to buy homes in areas where new schools are in the pipeline. Details inside:x Property market update: Perth, February 2020 After a long period of stagnation, the Perth property market has started to show green shoots of recovery. Will the Western Australian capital be able to sustain growth long enough to benefit investor...
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A property expert has taken his pick in a premiership of sorts, highlighting the town or city in each state where he predicts will see the greatest improvements in property value. Here are his top picks and his reasons for predicting them across each of Australia’s six states: Victoria – WarrnamboolMedian house price: $360,000Capital growth for the year ending October 2019: 4.3 per cent Rents increased by 8.8 per cent over the last 12 months, while the number of listed properties for sale has fallen 27 per cent. Queensland – CairnsMedian house price: $420,000Capital growth for the year ending October 2019: 1.2 per cent Transport infrastructure is also set to expand in 2020, inclusive of airport work, seaport upgrades and major highway projects, while a world-class convention centre should also begin construction in May. South Australia – Victor HarbourMedian house price: $360,000Capital growth for the year ending October 2019: 1.4 per cent A lifestyle location and local tourism hotspot, Mr Pressley has flagged how new federal and state government investment, the approval of a new hotel and opening of a new shopping centre are all indicative of the town’s potential. While the market has been flat for a number of years, he pointed out that household rents did increase by 9.5 per cent last year while sale supply dropped 19 per cent. Tasmania – KingboroughMedian house price: $550,000Capital growth for the year ending October 2019: 1.9 per centTasmania ended 2019 as Australia’s fastest-growing economy. As a municipality making up Greater-Hobart, it makes the list of Australia’s best-performing property market for the last three to five years. Western Australia – NedlandsMedian house price: $1.48 millionCapital growth for the year ending October 2019: -8.2 per centProperty prices in Perth’s inner-west Nedlands municipality are lower today than they were 10 years ago. With the Western Australian capital economy seeing slow improvement, and the previous housing oversupply mostly absorbed.While not expecting Perth’s property market “to set the world on fire any time soon”, property experts says that 2020 will produce the first year of growth for some years. New South Wales – ForbesMedian house price: $250,000Capital growth for the year ending October 2019: -6.3 per cent Forbes has a population of just 10,000, but it hasn’t stopped the town from recording a 5.3 per cent average annual growth in median house prices over the last 20 years. Read more:x Predicting each state’s biggest price improver f... A property expert has taken his pick in a premiership of sorts, highlighting the town or city in each state where he predicts will see the greatest improvements in property value.
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