Rates Dive to Historic Low
Believe it or not, within the next 35 years we will have another 40,000+ homes in just the City of Armadale! So what does that mean for the current residents? The City of Armadale forms part of a big growth corridor, therefore buyers sitting on the sidelines should be jumping in with both feet. Interest rates are dropping below 4% on home loans and the cash rate has dropped to an unbelievably low 2%. This means money is very cheap! I predict this is going to be the way for a while to come.
To put this into perspective, Sydney’s median price has made it to $900,000 – that’s right, no misprint! I remember a time when people said that a median price of $500,000 was ridiculous and it would collapse. This is proof that the market will always recover.
If you’re smart and don’t try to pick from the top or the bottom, and plan to hold for the long term, you will do well, very well.
We all have our ups and downs and the real estate market is no different. Residential real estate makes up $5.9 trillion of the $10.2 trillion of invested wealth in Australia. Australian superannuation equals only $1.98 trillion, Australian listed stocks equals $1.7 trillion and commercial real estate equals $0.7 trillion. (Source: Core Logic RP)
It is a buyer’s market and my advice is go buy something! For more advice on where and how feel free to ask the Naked team at anytime.
Perth Market Stats
- Median house price (past 3 months) – $535,000
- Median unit price (past 3 months) – $440,000
- Average time on Market (past 3 months) – 68 days
- Total listing in Perth – 14,308
*Data provided by Reiwa & Core Logic
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