Formerly known as the Swan River Colony, Perth has shed its old-fashioned past in exchange of an upbeat spirited vibe that is the state’s capital, and the largest and most peopled area. With a population of over 2,000,000 residents, Perth is currently Australia’s fourth most populated city today.
A city that radiates an up-tempo lifestyle and inner-city convenience all the while being away from the rest of the country’s buzz, Perth is your very own concrete paradise situated in the middle of the great outdoors, where every single day is like a holiday. With all the facilities and opportunities within its arms, Perth real estate is sure to pick up from where it left off and rise in the market.
Real Estate in Perth: By the Numbers
Buying a house in Perth, one should take note of its strong diversity and multi-cultural identity, evident in its residents. The five largest ethnic groups in the area are the Australians and the English with number of over 500,000 each, the Irish and the Scots with at least 100,000 respectively, and the Chinese with over 50,000 people. The city attracts independents of all ages to its area, with Independent Youth making up at least 42% of the city population, followed by Maturing Independents at 22% and Older Independents at 10.6%.
At the moment, a typical real estate property in Perth will cost at least $1,000,000. Two-bedroom houses are valued at $750,000, while the bigger three-bedroom house is usually priced at $1,000,000. This price was based on the total sales of the last 12 months, which when compared to the past data carries an increase of 27.4% annually, amounting to an annual compound rate in growth of at least 5.0%. Rent costs $420 per week normally. Two-bedroom units are available at $420, while the three-bedroom spaces are at $430, and the four-bedroom ones at $595 per week. The demand for rent is high in Perth, with a rental yield of 2.2% based on over 100 rentals and sales last year.
Perth has an average demand in the real estate market, averaging 178 visits per property compared to the Western Australia’s state average of 211 visits per property.
(Data from Realestate.com.au)
Why Choose Perth Real Estate
Perth is blooming with the youthful exuberance brought about by its diverse residents. Independents, young and old, flock this Central Business District where one can find challenging work as well as great play opportunities. Riding the recent economic boom coming from the mining industry, Perth has that upbeat energy that is visible in its walls.
Rail lines and bus routes are abundant in the area to different places, shopping spaces like Carillon City, Forrest Chase, and the iconic London Court rounds up the entertainment hotspots in the area. Go bar hopping in Northbridge on weekends or jog around the greens of Kings Park. Downtown apartments in towering building are a fixture here, and beautiful small home abodes are also readily available for rentals and redevelopment. The multi-million dollar mansions and penthouses are the cream of the city’s housing crops, and they grace the beautiful skyline of the city while having the river views to the south, and the park view sceneries of the west.
Other States in Australia
Other locations in Australia are equally as desirable as the Western Australia. Choose a region below to find out the best locations in the area. If you need information on the real estate buying process for foreigners in Australia, check our Foreign Investor's Guide.
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