The Perth housing market has received a strong endorsement, with a survey from the Property Investment Professionals of Australia listing Perth highly as an investment prospect for 2018.
The Perth housing market has received a strong endorsement, with a survey from the Property Investment Professionals of Australia listing Perth highly as an investment prospect for 2018.
The annual survey placed Perth third among Australia’s capital cities, with 15 per cent of members selecting the city as the best property investment prospect in the country.
The result is a significant increase from the previous year’s result of 3.7 per cent.
Leading the survey was Brisbane, which tallied 46 per cent of the votes, while Melbourne was second with 19 per cent.
PIPA chairman Peter Koulizos said conditions were improving in Perth.
"Perth is back on the radar after a number of years of poor market conditions, but its market is still uneven so investors must undertake thorough research before buying into that market in my opinion,” he said.
According to the annual survey, the biggest concern for property investment professionals this year remains the tightening of lending to investors.
However, 100 per cent of respondents are optimistic about their businesses for 2018, with 56 per cent indicating they would employ more staff this year.
"Our members remain overwhelming positive this year, even in the face of higher interest rates for investors as well as tougher lending conditions," Mr Koulizos said.
"The APRA restrictions appear to have reduced the number of speculative investors in the Sydney market in particular, however, educated investors have also been unfairly caught in the crossfire."
He said the government and industry regulators must address the need for comprehensive regulation of property investment advice to reduce speculation in the market.
"Introducing a minimum standard of education or qualification for those providing property investment advice would ensure that investors can receive the same level of appropriate guidance provided to anyone investing in other asset classes,” Mr Koulizos said.
"Property investment remains a sound strategy for many Australians who desire to improve their financial positions over the long-term.
"A regulated property investment advice sector would remove unscrupulous operators from the marketplace and protect consumers from fly-by-night spruikers whose only interest is their own."
