Apartments in Perth in 2024 are a good investment due to strong rental demand, low vacancy rates, and increasing property values. Real estate is a high-interest category, resulting in huge demand and favourable ROI. With many real estate assets available, buying an apartment in Perth is a favourable capital allocation decision with high returns.
Here is why apartments are a good property investment in Perth.
Regional Demographics
Over the years, Perth has recorded a significant population increase. Despite most of its inhabitants preferring to live in houses, developers have built apartments to help house the influx of new people in the city. Therefore, investors eyeing apartments for investment property are on the right path.
As the capital of Western Australia, Perth, is home to over 2.4 million with a youthful majority that lives in apartments for the convenience they provide. Therefore, the decision to buy apartments in Perth is profitable.
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High Rental Yields
Every investor is looking for an asset that will provide a significant return on investment to enable them to recoup their capital speedily. Apartments in Perth are one such asset that investors are encouraged to buy for massive returns. When you invest in an apartment in Perth, you can expect up to 4-6% annual rental yield, higher than other cities in Australia.
With apartments in Perth more affordable than in other regions, your investment will deliver massive gains whether you hold or sell it in the future. Moreover, with its youthful population growing, you can enjoy long-term steady rental income.
Capital Appreciation
Like buying land, acquiring an apartment results in value appreciation. It enables the buyer to enjoy a massive profit when they sell their asset. As the Perth population grows and demand for apartments rises, their value increases, resulting in capital growth for investors.
Many Perth-focused investors are throwing money at the available apartments due to the continued recovery of the local economy. Given the economic trajectory, apartment buyers in Perth can expect future growth in the value of their apartments.
Urban Population
With 77% of the Perth population living in the city, investing in a city apartment guarantees full-time occupancy, making acquiring an apartment in Perth an ideal financial move.
When buying an investment apartment, buyers need to consider its location. The more amenities near the apartment, the higher its demand and the longer your tenants stay. Furthermore, it is easier to find new tenants when it becomes vacant.
Large Population of International Students
Perth is a hub for international students due to its pleasant weather, good reputation, and universities. Most of these students live in apartments near their university, keeping them fully occupied for the school term and after. Usually, students will live in one place for their school life, ensuring consistent rental income for apartment owners.
Buying An Apartment in Perth
If you can invest in an apartment in Perth, do it immediately. It is one of the best money-making investments, guaranteeing a consistent income, capital appreciation, and less time looking for tenants.