Interstate investors target WA property but often lack market know-how

Eastern States investors have been drawn to WA in recent years, and for good reason – relatively affordable housing and strong rental price growth have created some excellent investment opportunities.

While rising property prices have seen yields decline slightly there are still good opportunities for savvy interstate investors.

However, navigating an investment purchase can be challenging when you’re buying in a state where market dynamics and legislation differ from your own – for example, did you know there is no cooling off period in WA?

Engaging a buyers agent will help make the process easier, but interstate investors should always ensure they’re working with WA-based buyer’s agents to ensure they find the right property, at the right price to meet their investment goals.

The biggest benefit of using a WA buyers agent is being able to access their extensive local knowledge of the WA property market. They know the intricate factors driving the market which frequently vary from conditions on the east coast. For example, right now, some national commentators are talking about buyers’ markets and falling prices on the east coast, whereas Perth and WA remain a sellers’ market.

WA buyers agents know what’s hot right now and which areas will have sustained demand, which is important for long-term capital growth.

They’re across the features that make a suburb appealing to tenants, such as good schools, public transport and local infrastructure, as well as the types of homes that WA tenants are seeking, particularly with the state’s large FIFO workforce who opt for more low-care, lock and leave dwellings.

Local buyer’s agents are also aware of potential changes to local amenity and upcoming infrastructure projects that could benefit or hinder your investment.

WA regulations vary from other states

If you are buying sight unseen, as many interstate investors do, it is important to have someone on the ground to act on your behalf.

Your WA buyers agent can attend inspections, provide detailed property assessments and flag issues you might miss when relying on photos and video walk-throughs provided by a selling agent.

They will negotiate on your behalf and can even bid at auctions.

And their service may not be limited to the sale. They may be able to connect you with trusted local professionals like building inspectors, property managers and tradespeople. For interstate buyers, this support is invaluable.

Another benefit is the relationships they have with local selling agents, which gives you access to off-market investment opportunities that you wouldn’t otherwise hear about.

When you engage a WA buyers agent you also have the advantage of dealing with someone who is licensed, or is supervised by someone who is licensed, under the Real Estate and Business Agents Act 1978 and must meet strict regulatory standards. This gives you peace of mind as well as protections under WA consumer law.

This is particularly important, as in some states the contract of sale is usually prepared by a solicitor and not a real estate agent.

If you’re using a non-WA buyers agent to purchase in WA, you should take extra care to ensure they have a robust understanding of WA documentation and legislation in order to avoid costly issues or delays that may arise if they do not.

While working with a WA’s buyers agent is an obvious choice for interstate investors, their services are also increasingly invaluable for locals as well who want to ensure their dream property ticks all the right boxes.