Published on 17 March 2006 at 03:24 pm
Filed in Property News for Australia » Property Investment in Western Australia Most Attractive
According to a recent report released by the Australian Bureau of Statistics (ABS), a series of incentives introduced by the State Government in Western Australia to ease the property buying process for many buyers has resulted in property investment in Western Australia booming.
The property market in Perth is one of the most successful in Australia currently and the entire state of Western Australia is the most attractive for first time buyers and property investors seeking returns from rental according to the latest property market statistics from ABS.
The Australian Bureau of Statistics’ report revealed that the Western Australian economy has been significantly boosted by property market movements; experts advise that in part the market is so popular because the entire state is experiencing strong inward migration thanks to a surge in employment activity particularly in Perth, but that the incentives introduced by the State Government to ease the financial burden associated with property purchase had resulted in market buoyancy.
According to the report, property investors in Western Australia increased their real estate secured finance by forty six and a half percent in the first quarter of 2006 compared to the amount borrowed to fund property purchases in the same period in 2005. This proves that there is increased demand for new and resale investment property in Australia and that the market can sustain property price increases.
Independent analysis of the property statistics reveals that real estate market confidence in Western Australia stems in part from the fact that the state’s economy is being so well managed. The State Government have committed to sustainability and flow in the property market and have gone out of their way to ease the path to property ownership by introducing grants for first time buyers, slashing stamp duty and property taxation.
Property investors looking for larger scale development opportunities in Western Australia are also being encouraged by the State Government which is drastically reducing Land Tax by AUD 325 million over the next four years.
While parts of Australia have witnessed a slow down and slump in property investment activity, the property market in Western Australia is continuing to grow, expand and offer investors the chance to reap financial rewards from increasing property prices and more substantial rental yields.
