‘Exciting year’ for investors
Pilbara property investors are among the growing percentage of West Australians who believe now is the time to buy.
A Momentum Wealth survey of 417 property investors across Australia revealed 67 per cent of investors in WA were optimistic about buying an investment property — an increase of 29 percentage points from the year before.
Hedland First National Real Estate Hedland senior sales consultant Rick Hockey said while most sales were to local homebuyers, investors outside of the local area were starting to see Hedland as an investment hotspot.
“A lot of people got burnt back eight years ago when the market dropped, but were now starting to see us as a very good option,” he said.
“I auctioned off 10 units at 2 McKay Street in December.
“I had 40 people in the auction.
“One group of investors came in and bought the whole lot.
“It shows you that there’s not only local investors, but there’s also institutional investors that are now looking around and seeing our market as prime market to invest in.”
Mr Hockey said the market had changed its dynamic. “If you’re wanting to invest, now is the time,” he said.
“There’s more people slowly but surely coming back into town.
“It’s a very good time to get in and invest.”
Momentum Wealth managing director Damian Collins said although it was not like the boom times, the property market had produced and maintained more optimistic numbers.
“It’s also not just the numbers, as we are witnessing more investor activity and interest in the State, both from local and interstate investors,” he said.
“Proactive investors will be able to leverage the opportunities of the market now. However, investors who react slower to the turn, particularly as interest locally and from other States accelerates further, may have to work harder and smarter to take advantage of opportunities.”
Mr Collins said investors needed to ensure they were able to find good deals quickly as the competition picked up, and understand good deals.
“Overall, we are confident smart investors can have a lucrative year if they can be guided by the right knowledge and research and are willing to do a bit of work,” he said.
“I’m definitely excited for the year ahead for property investors.”
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