New House Now a Luxury?

by joy.manginsay 28. December 2011 18:19

According to Nathan King, a property valuation director at LMW Hegney, “Building a house is possible now almost a luxury in Perth whereas before the global financial crisis it was considered a necessity.” The least expensive suburb was Medina with median price $230,000 and the “rising star” suburb was Martin with 13.9% growth. Past three years before GFC, Perth was producing twice as many houses and green-title lots as strata-titled properties. Whatever the reason, the new trend of Perth now reflects the normal property cycle and it will be the most affordable housing options available.

Nathan King suggests that, WA’s changing demographic, reducing commuting times, well located strata properties and providing in many circumstances a lifestyle on the doorstop. King concludes also that it’s always worth being aware of market trends and even better if you can benefit from them. For investors who can recognize the trend of population and in an investor’s profit, this we considered a trend in order to be desirable as people free up capital. When a suburb has affordable first homes, demand will increase with drive values and it will give a reason to increase the supply if the supply is limited.


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