Why now is the time to buy (and Canning Vale and Kardinya should be top of your list)
If you’ve been waiting for a sign to finally buy, there are multiple signs indicating now’s the ultimate time to act.
According to REIWA’s January Report, Perth property prices have either increased or remained stable for three months in a row, with a 0.6 percent rise since prices bottomed out in October 2019. Overall median rent prices are holding at $350 per week, while January leasing activity is up 26 per cent.
Pindan Sales Manager Matthew Smith says the quarter data is extremely encouraging for buyers who have been biding their time waiting for the right moment.
“Confidence has been building since late last year and is continuing to grow stronger this year,” he said. “We have been looking for signs of an improving market and now we finally have the evidence that the market has bottomed and even moving into the recovery phase.
“People have been hesitant about buying over the last few years, so for many home buyers, it’s long overdue.”
Among the locales leading the revival are two sought after suburbs, Canning Vale and Kardinya. Canning Vale performed well across both sales and rental markets in January, while Kardinya was in the top five suburbs for increased rental activity.
Mr Smith pointed out that with low interest rates and stronger buyer confidence, the cream was rising to the top.
“What we’re seeing is that good quality homes on the market will sell if they’re good value,” he said.
“Botanica Canning Vale
is just so well located - we're not surprised the suburb recorded the highest number of sales in January. It’s always been a suburb that is well sought after by a range of buyers in the Perth area, thanks to its many excellent schools and the Livingston Shopping Centre.
“The other reason Botanica has piqued buyer interest is that it’s an extremely affordable way to own a green titled turnkey home. For instance, you can get a single storey three-bedroom house and land package at Botanica from as low as $399,000, which is well below the median house price of $480,000. Repayments work out to be as little as $350 per week*, again below the median house rental price of $370 per week for a three-bedroom home.
“Then there’s The Heights Kardinya
, buyers really love the location. Being close to the city and the beach is obviously a big plus. Murdoch University and the St John of God and Fiona Stanley hospitals are great population drivers. And the planned $100 million upgrade to the Kardinya Park Shopping Centre headlines a revitalisation of the suburb – it’s a great place to buy.”
Mr Smith said buyers should be encouraged by the spread of confidence in the market.
“We are seeing a good mix of first homebuyers, upsizers, downsizers and investors. Rental vacancy rates are at a low of 2.2% and rental prices rising for the first time since 2017 means investors are definitely back in the market.”
Considering all of the great reasons to buy now, why not visit our Botanica sales office and explore the home designs? We’re open Saturday and Sunday 1:00pm- 3:00pm at 100 Birnam Road, Canning Vale.
Alternatively, if Kardinya sounds more like the location you picture for your future address, come view the display home at 23 Buckingham Crescent, Kardinya this Saturday or Sunday between 12:30pm and 3:30pm.
* Repayments based on owner-occupier finance, assuming a $399,000 purchase price with a 10% deposit, over 30 years.