We moved from Sydney to Perth in 2017 as we were unable to escape the rental trap & absolutely love it. We built a 4-bedroom house with a theatre 20km from the city for only $430k with only 2% ($3k) deposit in 2018 thanks to the W.A Government financing the loan with no LMI via Keystart Loans. We felt very frustrated in Sydney & feel very fortunate that the state government here cares about its residents unlike NSW. There are no road tolls either or horrendous traffic here (unlike NSW thanks to massive corruption by their politicians) & electricity bills are less than a 1/4 of what we used to get in Sydney thanks to the 20 solar panels that only cost us an extra $1000 when we built the house. We also just bought a 510m2 block for only $289k in Mandurah that's only 250m from the Estuary & 5km from the city & beaches so we can build a 275m2 dream house for around $800k total, negatively gear our current house & reduce our taxable income. This is how Australia should be in my opinion.
As a Melbournian that's just moved here this year.... roads around Perth down to Margaret River Albany and north to green head are a crap ton better than Melbourne
I think what you don’t know because you never lived in Perth is that a house in Mandurah was 500-600k once during the mining boom then housing prices just plummeted. It wasn’t always $200-300k
Great video and insights. Perth is now closing in on 3 million people with median house price still below adelaide and marginally higher than hobart and darwin. The other thing that will happen is AUKUS. Perth will be the hub of the new sub fleet of Aus and US. Seems perth is slowly moving away from mining towards other industries like defence
Never seen a boom last 3-4 years? Umm about 20 years ago Perth had a boom that was sudden up and then went down.... Perth incomes are skewed by mining. A lot of the high side is not coming from accountants etc earning more than in Sydney. People in mining are mostly working FIFO and have different house needs/wants than normal city workers. I feel like this discussion is from people who don't get Perth and are using Eastern states logic. While mineral prices are falling it makes NO sense for so many people to keep moving to Perth pushing prices up. The job market in Perth has clearly fallen off (to the extent I want to go home and leave Perth...).
was the current boom driven by commodity prices? No! Perth is moving based on supply and demand. With the previous housing crash in Perth it killed supply and new builds. The under supply in perth is insane atm and the lack of completions is not helping.
Migration of affordability influencing real estate prices! Great discussion, however I still don’t understand what other industries other than mining are there in WA that are creating these high payment jobs?
@@carllyons4903 but the media says it's different this time. Real estate says buy now or prices are going to infinity and you will never own a home hahahahaha jks obviously
Thanks for another relevant vid Todd, I’ve just bought an ip in Edgewater - are you able to do content about houses in the Balcatta, Edgewater in the 900k mark and their prospects as opposed to the gentrification suburbs
A lot of them are FIFO workers. One of my properties is rented out to a group/family of fifo migrants, 12 ppl in a 4bed/2bath. None of them have cars or physical possessions, they just take turns with their FIFO shifts. They pretty much live as frugal as they can and send funds back to India. Wouldn't be surprised if more FIFO folks just couch surf or live in cheap hostels on their off days. As for no place to live, there is always stock. However it's for all the bad reasons. More young families are starting to move back in with their parents. Middle class couples that live spacious 2 bedrooms houses, now have to down size into smaller 1 bedroom units. If nothing changes in the next few years, It's only a matter time before these folks will be forced to live in rural areas in a share house :(
Perth is currently affordable , but once it hits its boom , will perth become affordable in the future. Would perth peak like Melbourne or orher cities?
Whole point of podcast is just to promote Perth property market, there is no official number 10 thousands people moving in Perth every month. Mining is slowing down, people really don't have affordability to buy 700K houses, especially when cost of leaving is too expensive.
Just to be clear. The medium income in Perth is lower than Sydney. It the average income in Perth is higher. So a certain number of people at the upper end earn more. A chunk don’t. It’s important to remember this because not everyone moving to Perth gets paid more.
That’s a good point but Even with the wage differences between states it’s not really that big if Perth earns slightly more or Sydney does, the point Simon’s making is Perths not the random poor little city some people make it out to be
No. “Median” income is higher in WA compared to NSW and VIC. From the ABS: The state or territory with the highest median weekly earnings in August 2024 was the Australian Capital Territory at $1,688 per week, followed by the Northern Territory and Western Australia (both $1,500) Basically the exact opposite of what you’re claiming. High wages are more evenly distributed in WA than in NSW - in NSW you have some very wealthy people but most earn lot less. Almost everyone in WA can get a great full time wage. www.abs.gov.au/statistics/labour/earnings-and-working-conditions/employee-earnings/latest-release
Ssssh... it is a secret... don't tell the location please, otherwise it will be harder to buy... days in the market could plummet to just 9 days. When it drops to just 1 day in the market.. you just can not buy it...
Perth is becoming just like the eastern states shops always to busy now cause there isnt as much selection. Traffic building up and less and less parking lol
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that's well prepared for any eventually, that's how some folks' been an impressive average return of $150,000 every seven weeks over the past four months according to Bloomberg.
Successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional.
Christine Maloney-wilson is my trade analyst, She has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Observing Christine Maloney, it is apparent that she possesses an innate understanding of the stock market and the world of trading. Her distinct approach sets her apart from traditional traders, and her success in the volatile markets raises questions about the dynamics at play in her trading philosophy.
@Documentts the isolation and the type of lifestyle is exactly what Perth boasts. That's the whole point, you're moving away from that when coming to Perth. Some people, like myself who have lived in both, prefer to have at least 500m2 and not be in crippling debt.
Enjoying your logic and open minded view Kura 🙌🏼 Of course Perth isn’t Sydney, like Kura said it’s the opposite factors and affordability that’s making it more attractive to many. Adelaide and Brisbane have already over taken Melbournes median house price for the first time in history, while that makes no sense to me I leave my feeling about it aside and follow the logical value trail in the changing market, which now is pointing to Perth and potentially Melbourne soon
We moved from Sydney to Perth in 2017 as we were unable to escape the rental trap & absolutely love it. We built a 4-bedroom house with a theatre 20km from the city for only $430k with only 2% ($3k) deposit in 2018 thanks to the W.A Government financing the loan with no LMI via Keystart Loans. We felt very frustrated in Sydney & feel very fortunate that the state government here cares about its residents unlike NSW. There are no road tolls either or horrendous traffic here (unlike NSW thanks to massive corruption by their politicians) & electricity bills are less than a 1/4 of what we used to get in Sydney thanks to the 20 solar panels that only cost us an extra $1000 when we built the house. We also just bought a 510m2 block for only $289k in Mandurah that's only 250m from the Estuary & 5km from the city & beaches so we can build a 275m2 dream house for around $800k total, negatively gear our current house & reduce our taxable income. This is how Australia should be in my opinion.
Roads are now horrendous thanks to the new arrivals
As a Melbournian that's just moved here this year.... roads around Perth down to Margaret River Albany and north to green head are a crap ton better than Melbourne
Mandurah is 70 km from perth cbd.
Jaw dropped when Simon dissed Adelaide. Bro, you have to come to Adelaide and actually enjoy what it has to offer. Best place in Oz hands down.
SoR Bertram was the lost suburb. Has now been found by investors.
Cracking insight and delivery from Simon Loo. Adelaide has a lot of great culture.
Also Coolbellup, Willagee, hamilton Hill good too. Have gone up a lot but good locations.
Something to check out
Thanks both for an interesting view on the Perth market, really enjoyed this video. The market here is pretty crazy at the moment.
I think what you don’t know because you never lived in Perth is that a house in Mandurah was 500-600k once during the mining boom then housing prices just plummeted. It wasn’t always $200-300k
Yeah fully aware of that, tracking the historical data gives a pretty good snap shot of price and demand looking back many years
You talking crappp mandurah now 800k plus
Great video and insights. Perth is now closing in on 3 million people with median house price still below adelaide and marginally higher than hobart and darwin. The other thing that will happen is AUKUS. Perth will be the hub of the new sub fleet of Aus and US. Seems perth is slowly moving away from mining towards other industries like defence
Never seen a boom last 3-4 years? Umm about 20 years ago Perth had a boom that was sudden up and then went down.... Perth incomes are skewed by mining. A lot of the high side is not coming from accountants etc earning more than in Sydney. People in mining are mostly working FIFO and have different house needs/wants than normal city workers. I feel like this discussion is from people who don't get Perth and are using Eastern states logic. While mineral prices are falling it makes NO sense for so many people to keep moving to Perth pushing prices up. The job market in Perth has clearly fallen off (to the extent I want to go home and leave Perth...).
was the current boom driven by commodity prices? No! Perth is moving based on supply and demand. With the previous housing crash in Perth it killed supply and new builds. The under supply in perth is insane atm and the lack of completions is not helping.
@@sheepdogcapital Mining Companies are sacking people in WA now so that will force those people to possibly leave the state
Hasn’t peaked? Maybe
Is it late now? Absolutely
Migration of affordability influencing real estate prices! Great discussion, however I still don’t understand what other industries other than mining are there in WA that are creating these high payment jobs?
Skill shortage causes every profession in Perth get higher wages than east coast peers.
Mining is the only thing that is keeping the economy going in WA. If we didn’t have mining we would be like Melbourne
Mining and infrastructure, once that tanks 💥 like it has done many times, Perth will always be a boom and bust state 🤣
@@carllyons4903pump & dump !!!
@@carllyons4903 but the media says it's different this time. Real estate says buy now or prices are going to infinity and you will never own a home hahahahaha jks obviously
Thanks for another relevant vid Todd, I’ve just bought an ip in Edgewater - are you able to do content about houses in the Balcatta, Edgewater in the 900k mark and their prospects as opposed to the gentrification suburbs
If 10,000 people are moving to Perth every month,Where are they when there are no places to live?
A lot of them are FIFO workers. One of my properties is rented out to a group/family of fifo migrants, 12 ppl in a 4bed/2bath. None of them have cars or physical possessions, they just take turns with their FIFO shifts. They pretty much live as frugal as they can and send funds back to India. Wouldn't be surprised if more FIFO folks just couch surf or live in cheap hostels on their off days.
As for no place to live, there is always stock. However it's for all the bad reasons. More young families are starting to move back in with their parents. Middle class couples that live spacious 2 bedrooms houses, now have to down size into smaller 1 bedroom units. If nothing changes in the next few years, It's only a matter time before these folks will be forced to live in rural areas in a share house :(
Perth is currently affordable , but once it hits its boom , will perth become affordable in the future. Would perth peak like Melbourne or orher cities?
Whole point of podcast is just to promote Perth property market, there is no official number 10 thousands people moving in Perth every month. Mining is slowing down, people really don't have affordability to buy 700K houses, especially when cost of leaving is too expensive.
Not so sure about that, but happy investing mate 😊
“It’s coming away from the mining”… Mining makes up about 50% of GSP in WA. Old mate hasn’t a clue
Just to be clear. The medium income in Perth is lower than Sydney. It the average income in Perth is higher.
So a certain number of people at the upper end earn more. A chunk don’t. It’s important to remember this because not everyone moving to Perth gets paid more.
That’s a good point but Even with the wage differences between states it’s not really that big if Perth earns slightly more or Sydney does, the point Simon’s making is Perths not the random poor little city some people make it out to be
Check out mining and oil and gas salaries here
No. “Median” income is higher in WA compared to NSW and VIC. From the ABS:
The state or territory with the highest median weekly earnings in August 2024 was the Australian Capital Territory at $1,688 per week, followed by the Northern Territory and Western Australia (both $1,500)
Basically the exact opposite of what you’re claiming. High wages are more evenly distributed in WA than in NSW - in NSW you have some very wealthy people but most earn lot less. Almost everyone in WA can get a great full time wage.
www.abs.gov.au/statistics/labour/earnings-and-working-conditions/employee-earnings/latest-release
yeh, go ahead buy in midland and armadale 😂
👍🏼
Yep Midland has gone up heaps as well 👍
Armadale went up 40% in last one year
Midland went up about 50% and Armadale nearly 80% :)
Ssssh... it is a secret... don't tell the location please, otherwise it will be harder to buy... days in the market could plummet to just 9 days. When it drops to just 1 day in the market.. you just can not buy it...
Perth is becoming just like the eastern states shops always to busy now cause there isnt as much selection. Traffic building up and less and less parking lol
So lots of population growth?
Perth has higher incomes than Sydney? Literally everyone here knows that when you move to Melbourne or Sydney you expect to earn more.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that's well prepared for any eventually, that's how some folks' been an impressive average return of $150,000 every seven weeks over the past four months according to Bloomberg.
Successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional.
Christine Maloney-wilson is my trade analyst, She has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Observing Christine Maloney, it is apparent that she possesses an innate understanding of the stock market and the world of trading. Her distinct approach sets her apart from traditional traders, and her success in the volatile markets raises questions about the dynamics at play in her trading philosophy.
Why I invest because, if I'm healthy, I want to maintain my standard of living in retirement, greetings.
She's mostly on
Perth investor activity at 40 percent
Wrong my street 5 houses just sold all locals moved in you muppet
Perth is not Sydney and it never will be
Kind of the point isn't it
I know right! Imagine having to put up with toll roads and pokie machines everywhere
@@kuracodovce7514 I imagine Sydney is better than Perth.. Perth is the most isolated city in the world
@Documentts the isolation and the type of lifestyle is exactly what Perth boasts. That's the whole point, you're moving away from that when coming to Perth.
Some people, like myself who have lived in both, prefer to have at least 500m2 and not be in crippling debt.
Enjoying your logic and open minded view Kura 🙌🏼
Of course Perth isn’t Sydney, like Kura said it’s the opposite factors and affordability that’s making it more attractive to many.
Adelaide and Brisbane have already over taken Melbournes median house price for the first time in history, while that makes no sense to me I leave my feeling about it aside and follow the logical value trail in the changing market, which now is pointing to Perth and potentially Melbourne soon
Here is a tip... in perth. Joondanna - incredible location, leafy, near city, near beach and affordable.
City of Stirling is a building site 🧱
Thanks for the tip!
It's not really affordable now
It is compared to lots of areas! But I get what you are saying- affordability is a relative concept
Only 4 houses for sale in Joondanna, listing sell within the week. Great location but tricky to get in.