Perth Property Market and Real Estate Guide
(Perth, Western Australia - WA, Australia)
Dynamic Perth does a very good job of ignoring the fact that it is the world's most geographically isolated city. Gripping onto the far southwestern coast of Australia
, Perth faces the vast expanses of the Indian Ocean to its west and the inhospitable endlessness of the Great Australian Desert to the east.
Property in Perth costs more or less the same as property in Melbourne
(no Australian city compares to the exorbitant real estate market of Sydney
). As a general guide, mortgages in second-tier Australian cities like Perth cost around the equivalent of seven to ten times the average individual full time annual salary.
Rentals in Perth are about a quarter more than rent on similar properties in Brisbane or Melbourne and this is due to Australia's ongoing mining boom. Natural resources are mined in abundance in Western Australia and average incomes here, as in the rest of the state, are higher as a result.
Expats often choose to live right in the CBD for convenience, but suburbs like Fremantle, Swan Valley and Rottnest Island all have their own appeals and cheaper properties.
Renting Serviced Apartments
The serviced apartment market in Perth has piggybacked the mining boom. Dozens of multi-billion dollar mining operations fly consultants, researchers and other high flyers out for conferences, meetings and discussions and so the need for smart, but comfortable accommodation has increased.
There tends to be no real minimum stay in serviced apartments in Perth. However, bonds to the equivalent of one week's rental are usually required as down-payment, even on a one night stay, and prices can be anywhere up to double what the average weekly rent for a similar property would be. Most serviced apartments are found in the CBD.
Buying Apartments and Houses
Non-Australian nationals are able to take out leases and mortgages anywhere in Australia, provided the property is freshly rented or sold on completion of the renter or owner's time in Australia. Foreigners are not able to purchase property in Australia and then rent it for income purposes from off shore.
It is difficult to speculate on the future of Western Australia's monumental mining boom, something that has carried much of the entire Australian economy for the past ten years. If boom should turn to bust, a mass exodus could see property values in Perth plummet overnight, but for the meantime, the real estate market is stable.
In general expats prefer to purchase property out of the CBD where prices are affordable. Fremantle, with its quality dining scene, is a popular residential suburb for families, while retirees enjoy Rottnest Island's resort feel.
Real Estate Agents
All of the major Australian real estate agents have outlets in Perth and new arrivals should have no trouble sourcing reliable and friendly property professionals. Apart from mining industry employees, Perth is a magnet for arts and entertainment students, so there really is property for all stripes and at all price levels
Check out the following Perth realtors and real estate agents:
Elders Real Estate
Address: 179 St Georges Tce, Perth, 6000, Australia
Tel: +61 8 9422 2444
Elders Real Estate Perth prides itself on carrying a property portfolio that runs the full length of Perth and the surrounding region.
Leasing Property WA
Address: 4/18-20 Churchill Ave, Subiaco, 6010, Australia
Tel: +61 8 9388 8058
This real estate agency is based near the banks of the Swan River and has a portfolio heavy on Perth's eclectic upscale apartments.
Address: 467 Hay Street, Perth, 6000, Australia
Tel: +61 8 9221 2556
Email : infor@http://www.propertystudio.com.au/
Perth's modern inner-urban townhouses and apartments are sold and let by Property Studio.