Low Rates for the Property Market Create Ideal Conditions For New Residential Provision in East Perth According to REIWA

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The Reserve Bank of Australia has made a decision not to change rates this February. REIWA’s agents proclaim this an ideal situation for property buyers to take advantage of, especially when purchasing a unit of East Perth’s new apartment building.

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REIWA real estate agents claim that the ever-changing conditions and allowances for financing are some of the core reasons why development of residential provisions in Perth is ongoing.

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On February 4, 2014, the Reserve Bank of Australia made an announcement that it will keep the cash rate on hold at 2.5 percent (http://www.couriermail.com.au/realestate/housing-market-to-remain-buoyant-with-low-rates/story-fnihpmzi-1226817668839) and real estate professionals from REIWA are claiming that this is likely to be one of the best news items for the housing market for the year, considering issues of unemployment and higher cost of living in certain parts of the country.

In Western Australia, the real estate scene was expected to head for a downturn due to the cool-off in the mining industry. However, recent reports reveal that despite this occurrence, this region of the country still enjoys the “lowest unemployment rate, the strongest economic growth and highest proportion of people in the workforce of any state” (http://www.perthnow.com.au/news/western-australia/mining-cool-off-blamed-for-wa-job-slump/story-fnhocxo3-1226717916161). Therefore, this fact, combined with the 2.5 percent cash rate hold, creates an ideal property investment climate that home buyers can use to their advantage.

REIWA real estate agents claim that the ever-changing conditions and allowances for financing are some of the core reasons why development of residential provisions in Perth is ongoing. This effort is not futile for people are buying and always anticipating the rise of new, beautiful properties they can invest in either for personal use or business.

One of the worthy investment considerations in East Perth is the 108 Bennett St. apartment building which boasts of 42 one- and two-bedroom boutique apartments, a lovely rooftop garden (a perfect hangout for residents), and a gym. This new residential building has a strong urban style and a distinct Melbourne feel which appeals to the aesthetics and tastes of young urban professionals and small families. Located on the edge of Wellington Square which is just 2 kilometres from the CBD in trendy East Perth, though still in the process of completion, it is already garnering a lot of interest from locals and a considerable chunk of the reported thousands of people who relocate to the state every month.

With lower interest rates which economic professionals project will extend through the rest of February, more home loan approvals reported in January (http://www.theadviser.com.au/breaking-news/29606-home-loan-approvals-reach-4-year-high), and new luxurious apartment buildings, the conditions are truly ripe for investment decisions to be made and REIWA agents consistently prove to be a big help for such decisions. Not only are they fully knowledgeable about the different properties for sale in the area but they also provide assistance or guidance regarding available financing solutions. Visit http://www.reiwa.com.au to find an agent and properties (including 108 Bennett Street Apartments) already available for purchase in the region.

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