What’s going on with the real estate market? A real estate agent spills the tea

If you feel like the WA property market is a little crazy right now, you’re not mistaken.

Home values ​​are skyrocketing and rental prices are skyrocketing – so what should a first-time home buyer do?

Why is the real estate market so crazy right now?

PRD Real Estate managing director Angus Murray said new residents are flocking to WA and the supply of housing – both for renting and buying – is very tight.

‘We are receiving up to 1,000 inquiries for individual rentals, while rents in Perth’s CBD have risen by 15% over the past fortnight,’ Mr Murray said.

“The other factor affecting the market is interest rates. They have increased by about 1%, but there are still very attractive fixed rate mortgages at historically low rates.

When you realize that the median property price in Hobart is $780,000 and Perth is $530,000, you can see that prices in Perth can go up a lot more.

Is it the right time to buy a first home?

Inflation is real and the costs of developing land and building houses and apartments are rising rapidly.

“The longer you wait to buy, the more it is likely to cost,” Murray said.

“It’s a terrible time to rent; property owners are raising rents by up to 20% when the lease expires, and we expect the rental market to tighten further as people enter the state to fill more than 60,000 vacant jobs.

“Demand is driving up rents and landlords will take advantage of this to demand much higher rents.

“Paying extra rent could make it even more difficult to save for your own home.”

But the houses are so expensive! How to enter the real estate market?

Mr. Murray said that an experienced financial broker can recommend the best option for you.u0009

“Find out what you can afford and consider your options,” he said.

“Buying an apartment is a sensible way to live in a suburb where you can’t afford a house.”

What should I look for in an apartment?

If you’re considering an apartment, location is key. Mr Murray said there is high demand for apartments in the city of Perth from young professionals and students, with lifestyle benefits and a reduced commute both major pluses.

“Ease of access to new cafes, bars, restaurants and grocery stores is a key requirement,” Murray said.

“Views, security, convenience and community are also strong attractions for apartment living, and in larger complexes, residents take advantage of swimming pools, barbecue areas, gym, outdoor theater air and janitorial service – which they cannot afford in a house and land package.

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