Western Australia has diverse types of land resource for residential and commercial use. After the weakening of apartment construction in 2017, more and more developers and buyers are focusing on land.
Many experts like quendaliving.com.au believe that now is the best time to invest in any land for sale in WA. The state can offer properties from the coast and up to the outer fringes of Perth and other cities.
Recent market reviews forecast that new apartment constructions will be halved in the next three years due to oversupply. The slowdown started in 2017 and is expected to continue in most of Australia’s major cities. Land demand has risen as a result with newly-completed homes also getting some positive response from buyers.
In Perth, there is excellent value for both land and newly-completed homes. The outer metropolitan corridors of the city’s north-east and south are experiencing a demand surge, especially from first-time land buyers.
Demand for land is outpacing most real estate offerings because of the current affordability of many land properties. The market turn-around has made it easy for buyers to switch from more expensive properties to cheaper ones. Building a home on purchased land, on average, is 13.9 per cent more affordable compared to buying a finished house.
It also helps that credit constraints on real estate development are limiting investor activity. This allows investors to look at more promising real estate opportunities like land.
The advent of online technology and software is also contributing to the growth of the land market. By allowing more buyers to look for more choices and better deals, it ensures a well-structured buyer-seller interaction. Online platforms have been helpful in producing searches efficiently, matching buyers with sellers at almost zero cost.