As Perth emerges as one of the fastest-growing major markets in the country, with a vacancy rate of 0.9 per cent, buying land has never been more appealing. With several Perth regions showing green shoots of recovery following a tumultuous year marked by COVID-19, it seems it’s finally Western Australia’s time to shine and those buying land and building are reaping the benefits.
Coogee’s award-winning land estate, Eliza Ponds has seen a massive demand for its new Stage 5 lots recently released to market. “Enquiries have skyrocketed as a result of COVID, and people have realised WA is a safe place to call home” says Tom Prout, Sales Agent, MMJ Real Estate.
With lot sizes ranging from 289m² to 476m² and prices from $305,000 through to $465,000, Tom says Perth’s rental squeeze coupled with low interest rates has been a recipe for success for young families and couples entering the market.
“Within close proximity to beaches, cafes, shops and schooling with a fantastic community vibe, Eliza Ponds Land Estate really is a great place to call home.”
Currently described as a lessor’s market, Perth was the fastest growing rental market last year which has put an enormous strain on supply of rental properties. In turn, this has led to significant price increases, even before the McGowan Government’s moratorium on rental price increases ended on March 28, 2021. Coupled with active buyers soaking up stock at a rapid rate, homeowners are understanding the value of building their dream home in a community of the same appeal.
“Homeowners want to customise their home to suit their lifestyle” says Tom, “they’re investing in a location for their future and building their dream home to match, it’s the ideal scenario”. Located in the heart of the growing metropolis of Cockburn, Eliza Ponds is the perfect balance between coastal and city life. Stage 5 boasts the tranquillity of proximity to the ocean with the conveniences of modern suburban living.
In March, The Real Estate Institute of WA (REIWA) reported that listings had dropped to a 10-year low, with only 7899 properties listed for sale at the end of the month. Which means less homes on the market and more prospective buyers attending home opens.
“We hit the bottom of the market around June last year following the COVID-19 lockdown and since then consumer confidence has returned. Buyers who were waiting for the bottom to hit are now eager to get into the market and take advantage of the record low interest rates.” REIWA President Damian Collins
The State and Federal government home building incentives introduced last year have supercharged the Perth property market, aiding the construction industry leading to an increased demand for vacant land. The City of Cockburn is one of the hotspots to have seen most of this activity.
An exciting costal community awaits with Eliza Ponds Stage 5 site works including landscaping of the shared nature strips and small park due to reach practical completion in June with titles released late July/Early August.