Land and house packages at Aveling Homes in Perth are selling fast as parent investors now accounts for 20 percent of the sales in West Australian estates. There are families buying multiple packages while others are building for the use of their extended family.
The growing industry
Several new estates in West Australia are attracting a significantly increasing number of investors. West Australia is able to maintain its long-established demand for homes. According to the released statistics of Mortgage choice, West Australia had the highest percentage of investors who are buying new homes in the country. There are at least 37 percent of the total numbers of investors who are picking new house builds including those who bought house plans.
According to the general manager of Investor assist, Peter Gianoli, who is working exclusively with homes which are newly built, said that it is common for families to buy different properties in an estate. Many families are now thinking about how they will support themselves when they retire. A lot of people have the mindset that if you are better off buying during the early stages of your life. However, this notion was countered by the general manager saying that it is actually best to buy in the middle of the development of an estate property, closer to the time when land supply will start to diminish.
Experts recommend that buyers should think about what the future holds. They should start contemplating what will happen in the next five to seven years after they make a purchase of an estate. Gavin Hegney, a commentator and Perth property valuer said that it is difficult to find a market that will want to build and then sell off for an instantaneous profit. Hegney further said that at the moment, it is much cheaper to purchase an established home inside an estate that is already 6 to 12 months old. There are about three-quarters of the newly homes on property estates which are currently selling below replacement costs. It would be advantageous for an estate if a mall or shopping center be built at the same time near it.