Professionals Real Estate 
The latest ABS population figures highlights the important impact migrants are now having on the Western Australian property market according to David Hobbs, CEO of Professionals Real Estate Group.
Mr Hobbs said that during the March 2012 quarter, the net migration rate to Western Australia was 14,794 persons or more than 1,000 persons every week.
“Overseas migrants accounted for over 60% of the total population increase for WA during the first three months of 2012 which totalled 23,322 persons.
“In particular, Professionals are finding that overseas migrants are now having a major impact on the rental market as many migrants tend to rent first before buying a home.
“The rental vacancy rate for many Professionals offices throughout Western Australia is now approaching historic lows of less than 2% mainly due to huge increase in our population and the lack of new rental properties coming onto the market.
“Western Australia has now the fastest growing population rate in Australia and this trend is expected to continue for some time because our strong State economy is encouraging people from throughout Australia and overseas to migrate to our State.
“It is only a question of time before this large influx of people will have an impact on the property sales market in Western Australia as people who are currently renting decide to buy a home due to rising rental costs and falling interest rates,” he said.
“The rental vacancy rate for many Professionals offices throughout Western Australia is now approaching historic lows of less than 2% mainly due to huge increase in our population and the lack of new rental properties coming onto the market.
“Western Australia has now the fastest growing population rate in Australia and this trend is expected to continue for some time because our strong State economy is encouraging people from throughout Australia and overseas to migrate to our State.
“It is only a question of time before this large influx of people will have an impact on the property sales market in Western Australia as people who are currently renting decide to buy a home due to rising rental costs and falling interest rates,” he said.
Mr Hobbs offered the following tips to people who had recently arrived in Western Australia and were considering buying a home for the first time:
- Location, location, location drives property prices in Perth. Properties that are located closer to the coast and the city centre tend to achieve much higher rates of capital growth over the longer term.
- Look for an area that is undervalued. For example, the greater Rockingham areas is undervalued with a median house price of around $380,000 and near new homes in coastal suburbs in the area now selling for under $350,000.
- If you find the location you want to live in and the price range you can afford, then register your name with some of the real estate companies in the area. They can then notify you of a suitable property as soon as it becomes available.
- Buy with the future in mind. Properties that have easy access to shops, schools and local transport tend to be easier to sell at a later date as they appeal to both investors as well as owner occupiers.
- Find out all of the costs before buying a property. Factors such as stamp duty can be much higher when compared to other countries.
- If you plan to have a swimming pool, then buy an established home with one already installed as this will save time and money compared to installing a swimming pool at a later stage.
- It is a good idea to have pre-approved finance in place because this will put you in a much better position to negotiate the purchase price of the home.
