It’s Time! Tips To Take Advantage of Perth’s Booming Property Market
If you’re looking at selling your home or renting out your investment property, now is the perfect time in Perth to do so! The property market is experiencing major growth, more than any other capital city in Australia. And the better your property looks, the more bang you’ll get for your buck.
I’m Stephen Cochrane, a professional painter Perth, and with decades of experience working with property owners in the local area, I’ve seen how simple changes can lead to big rewards. So, when it comes to making the most of your property, here’s what you need to know.
The Twin Booms
According to CoreLogic, the value of homes in Perth has increased by a whopping 59.3% since the start of the pandemic. Just in the first quarter of 2024, prices have increased 6.0%. It's not just sales prices that are increasing either. Rentals are also booming, with a 16% increase in the first quarter of the year.
What Are The Drivers?
One of the main reasons for the increase is the population growth. In Perth, there’s been a 3.3% increase in population (based on the year up to September 2023) compared to the national average of 2.5%. There are plenty of reasons why people are moving to Perth as well.
- There are plenty of job opportunities.
- Real estate is cheap (as mentioned).
- The cost of living is more affordable.
- It’s easier for immigrants to apply for residency in WA.
How to Take Advantage of The Market
It’s a great time if you’re ready to sell or rent, but just owning a property isn’t enough if you want to get the best returns. There are little things you can do to increase the value of your property.
- A fresh coat of paint by a professional painter is an affordable upgrade, and it can give your property a major boost so it looks more attractive to potential buyers or renters. It makes the home look cleaner and helps to highlight your property’s best features.
- Curb appeal is essential. The first thing people see when they arrive at the property is the front yard, so make sure the gardens, hedges and fences are all clean and maintained.
- Renovations in the bathroom or kitchen can actually increase the value of your property substantially. If you can’t afford full renos, look at replacing fixtures instead. Even just removing an old rusted tap and installing a shiny silver one instead will enhance the appeal.
- Energy efficiency is a must-have for many buyers and renters. Installing energy-efficient windows, adding insulation or a more efficient air-conditioning system or dishwasher could give you a price advantage.
- Repair anything that is looking drab and worn. Fix faulty taps, patch any holes in the walls, make sure appliances are all working properly.
The old adage “you have to lose money to make money” is accurate, particularly in a lucrative property market. But if it helps you to maximise your property’s value and take advantage of a thriving market – it’s worth the investment.