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A question real estate professionals, (myself included) are constantly asked by prospective buyers and even just the general public (because let’s be honest, Australians love real estate, they love talking about real estate and want to know what’s going on with real estate) is, ‘is now a good time to buy’. The naysayers out there are always capable of giving you a reason (or more) of why not to get into the market or why not to start or grow an investment portfolio, however, today we are going to look at some of the reasons why you should be!
After the Global Financial Crisis hit and Western Australia’s prices fell sharply, the prices reached a stable point in the market at which there wasn’t a great deal of moment in the market either up or down – especially in the postcode of 6330, which is what we are focusing on today. The market in Albany has remained stable after a huge drop in prices after the GFC. History tells us that what goes up must come down and what goes down must come up in relation to property prices. So, looking at what history tells us, the next move should really be up, the question is really when?
The RBA (Reserve Bank of Australia) Board decided to keep the Australian Cash Rate at a record low of 1.50% at their board meeting on the 6th of March 2018, which was in spite of a strengthening global economy and the unemployment rate decreasing. This means that for the average Australian looking to get themselves a Home or Investment Loan, the time has never been better.
Albany’s rental market remains strong with the average rental value being $349 per week and the average price of a house in the ‘Albany Urban Area’ being $380,000. Rental vacancies are also low, which is great news for investors or would-be investors. To give you a ‘live’ example of ‘why rent when you could buy’ is a property that I have on the market at the moment. A 2 bed, 1 bath, brick & tile duplex unit in Mckail that is currently leased for $230 per week and on the market for $199,000 – with figures like this, it doesn’t take a genius to work out which would be the better situation.
I could go on giving you more facts and figures like the ‘Albany Urban Area’ is still down 1% on the last 10 years or that the Sydney & Melbourne markets have slowed (which can ultimately be a good thing for WA property owners in the future), but I won’t do that, I’ll just say this instead, given the choice between owning property in 6330 or not at this current time, I know which one I’d choose.