Perth tipped to be next hot property hub

By Rebeccah Elley ·

With 9.8% of Perth locals planning to buy or build a new house or property in the 12 months to March 2015, Roy Morgan research has predicted Perth may become Australia’s next hot property hub.

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By comparison in the booming Sydney market only 7.8% of residents are planning a real estate move and 8.3% in Melbourne.

Out of those Perth locals who intend to invest in the property market, 50% are planning to buy a newly built house or apartment and 55% are after an established property.

In other areas of Australia property intentions were much lower than these three cities, with just 6.7% of Brisbanites, 5.8% in Adelaide and an extremely low 3.5% in Hobart.

Roy Morgan Research CEO Michele Levine said that the low interest rate environment has fuelled demand in what many see as an overheated housing market. “Intention in Perth is almost evenly split between new and established property, while in Sydney over 7 in 10 intenders want to buy established real estate.”

“So while around 220,000 Sydneysiders and 206,000 Melburnians keep prices high and auctioneers and agents busy this year, developers, builders and architects will be most in demand in Perth.”

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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

**Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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