A new house is on the horizon for the once-populated and still-troubled north of Perth, as builders scramble to turn around a property that is now in the red.
A new housing stock boom in the Perth region is prompting developers to build more than twice as many dwellings as usual as the last six months, and a new benchmark for house prices is also rising, with a new survey showing Perth’s median house price is now $1.9 million more than the same period last year.
The median house prices in Perth are now $949,500 higher than they were in July, when the market peaked.
The Perth house price index is up a whopping 12 per cent this year, while the median house value is up by 15 per cent.
But there’s a catch, as many of the new developments are also being built in the same neighbourhoods as the older ones.
This means some new homes are in places that have never been built, and those new homes also come with significant risks of fire, flooding and structural damage.
And if you’ve been living in Perth for years, you know the problems you can expect to encounter if you have to move out.
The biggest risk is of a house fire, as it can result in the collapse of the building.
If you’re in the building, you’re more likely to be injured, or worse, trapped.
So what can you do if you’re thinking about moving out of Perth?
First, you need to be very careful.
This is because the property may not be suitable for you.
And if it’s not, you can lose all of your savings.
“The biggest thing to do is to check out your property, it’s very important to be sure,” said Jason Williams, from property advice firm The Residential Trust, who advises investors on buying properties in the region.
“You can check for potential damage, or see if it needs to be demolished, you could also get the building inspected by an external body.”
If you find a problem, you should contact the builder to see what’s going on, or you can try to find a new home.
“In Perth, there’s one property in particular that could be a risk.
A building that was demolished at the end of last year and is now on the market.
Photo: Michael ClaytonThe property is in a residential area of the city, but its location in the city limits means that it’s a prime target for fire and flooding, and that means it could also be affected by earthquakes.”
I would suggest you don’t go there unless you know there’s going to be an earthquake, or there’s fire risk in the area, or if it looks unsafe,” Mr Williams said.”
Because if you think you can’t afford to live there, you’ll probably want to move somewhere else.
“The latest survey from KPMG showed that more than half of those surveyed said they were planning to move to a suburb or another nearby suburb.
But you won’t need to wait until you’re ready to move in to make the move.KPMG has also been publishing an annual survey on house prices, looking at the prices of the top 100 suburbs in Perth.
So if you live in Perth, you have a few options, if you want to get a better idea of where you stand in the market:The latest data for the Perth house market, from the KPMg survey.
Photo: KPMGPThe most expensive areas of the CBD are also the most popular, with houses starting at $2.2 million and rising by around 10 per cent to $2,965,000.
But even then, the median price for a house is $1,000,000 more than it was in July 2017.
The highest prices in the CBD come from the inner city, with the median asking price for an average home in the inner-west of the City of Perth climbing by 13 per cent over the last year to $1 million.”
It’s a trend that we’ve seen in recent years, where we’ve had the same price rises for houses all over the city,” said KPMW Perth Chief Economist Richard Deacon.”
In particular the outer city, the inner inner city has a very high median asking prices.
So that’s where it’s trending.”KPMW chief economist Richard Deacons report on Perth’s housing market.
Photo by Ben Reeves, The AdvertiserThe median price in the outer-west is also the highest in the country, but it’s in the wrong part of the market because of a strong local demand for luxury apartments.”
So it’s probably not the right place to buy, it has a strong appeal for a specific market segment, and it’s just not the place for someone who’s just trying to move into the inner west,” Mr Deacon said.
But if you can afford to move, you might want to consider an alternative suburb in Perth