Balmaceda...Dreamin'
Credit: Marcos Zegers for The New York Times
A recent email sent to me by my brother-in-law drew my attention to this brilliant article in the New York Times written by Jon Gluck on 6 March 2019. This article reminded me so much of my university days back in Hobart, Tasmania in 1969 driving along Sandy Beach Road in a 1954 MG TF listening to the tune of my favourite group, The Mamas and the Papas, singing California Dreamin’…however, on reflection it was actually me who was dreamin’ as the time was now January 2014 and I had just been selected to represent Australia in the first World Masters Fly Fishing Team to be held in Balmaceda, Southern Chile.
Comments ‘Breathtaking scenery, wonderful people, a Once-in-a-Lifetime Experience for an Active Real Estate Agent (looking for a break) in an incredible environment to recharge (those flat) batteries and I am still waiting for the barriers to be lifted as I am hooked on selling Real Estate as I am on going Fly Fishing!
Credit: Marcos Zegers for The New York Times
Fast forward to 2020/2021: Corona 19 outbreak World Pandemic! Outcome: How we Australians take our Freedom for Granted – no restrictions, one can travel to virtually any country through the world. How things have changed!
Perth Property Market
Question: Can Perth property Prices keep on Rising or are we all Just Dreamin’?
Having commenced Selling Real Estate in the early 1970s Riverfront Properties in 1974 at the Paris end of Jutland Parade were selling for $100,000 for the old ½ acre (2000m2) ($500/sqm) and in 2016 the next door neighbour’s property sold for $14.13M ($7000/per sqm) to the same owner only to be knocked down and integrated into their neighbour’s garden! Although this sale was an exception to the rule, the Perth Residential Market was peaking in 2006/2007 before the Share Market Crash of 2007. Property prices today in this area are generally still around 10% off those peaks of 2007!
I personally feel the residential market particularly in the Western suburbs of WA will Continue to Rise for the following reasons:
Lowest interest rates in 60 plus years.
Expats are returning to Perth from Hong Kong and elsewhere to find a safer place to live with their families and the exceptional lifestyle WA has to offer.
Eastern Staters are taking advantage of their continued 13 years of Growth Markets in Melbourne and Sydney and Cashing in and coming to Perth to Buy a Bargain!
Western Australia’s Buoyant Economy is creating massive cash cow and job opportunities to executives and tradesmen!
Retirees looking for a better return on their Investments instead of receiving 1% in the bank with many getting back to Basics and Buying an Investment property.
Wealthy families assisting their children to get ahead and giving them the funds to buy into the Market Place before it gallops too far ahead!
Supply and Demand where currently there is a Severe Shortage of Well Located Properties in the Western suburbs.
A leading question: Should I Buy Today?
My answer to that question is yes! Provided you do your Own Due Diligence (research) because History doesn’t lie! Real Estate prices are governed by Supply and Demand, however, with one caution to always monitor Rising Interest Rates!