Perth/Morley real state update
Usually we’re bombarded with confusing and gloomy news about Morley’s real estate market. Everything seems overly complicated, making it more difficult to make informed decisions. The reality isn’t all that dark, and we’re here to help you out!
After being a super-hype real-estate market, since 2015 our real-estate market has been slower than before. Nevertheless, property experts are confident in the city’s recovery potential! As Perth is currently one of the cheapest cities in Australia, investors from Sydney and big cities worldwide have started paying attention to a suburb ideal for buyers on a budget!
One of the best areas in the city, Morley is the perfect destination: from singles ready-to-mingle to young families looking for safe neighborhoods to lay roots in, the future looks bright for Morley and Perth.
April 2017 was a great month for real estate with 2498 transactions. May 2017 saw an increase of 5% in sales activity! Listings for sale decreased a little bit: 2% over the month. Nevertheless, affordability rates have improved around 1% in May 2017, great news for first-time buyers!
Whether you want to rent or buy, Perth offers the ideal option for your lifestyle:
Median price for a house in Morley is $515,000, just like in the rest of Perth. Units, on the other hand, are fairly cheap: median price for a unit in Morley is $357,000, $62,000 cheaper than other suburbs! In May 2017, median house price decreased a little bit –around 0.8%- in comparison with April, with a median price of around $520,000. If you’re looking to invest, this might be perfect timing!
Wishing to rent a place of your own and gain independence? Rent is affordable w ith a median rent price of 350$ per week, making Perth ideal for young families or professionals looking to enjoy the city. A vacancy of 6.9% in the first quarter of 2017, means a wide array of places to choose from!
On the other hand, if you’re a home owner you might want to look into having some extra income: Rental yield is around 4%, great for covering any over spending. In May 2017 leasing activity in the metro area increased 35%, showing that Perth is on the rise again.
This week’s showstopper property is 57 Westlake Road in Morley. It has 4 Bedroom,1 Bathroom, 2 Separate living area, and 819sqm access to the back and duplex size potential property. Now if you looking for development site or investment property, This represents great value. At the moment we’re asking $519,000.
If you want to know more information about this property, give me a call, my phone number is 0433 970 411, or visit ka-cheng.com!