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How is the WA economy pointing toward property investment?

By Kevin Kelly

The fantastic lifestyle on offer in Bunbury is set to become even more accessible as the Western Australian economy goes through a bit of a rough patch. It's likely to end in good news for property investors though, as a slight dip in confidence may well see a drop in the growth of property prices in the state.

The latest CommSec State of the States Report shows that WA lies in sixth position after the latest findings, while Victoria and New South Wales lie at the other end of the scale. The prices of property on the east coast continue to grow rapidly, with CoreLogic RP Data reporting the median values of dwellings in Melbourne and Sydney are $784,400 and $955,290 respectively.

Perth dwelling values are significantly more affordable at $604,800, which is a decrease of 2.07 per cent over the past year. While the value of properties on the east coast have all continued to rise, Perth looks to be much easier to buy in – and real estate in Bunbury could well benefit.

How can buyers make the most of this situation?

While the value of homes around the city remains low, buyers should be cashing in as soon as possible. It's a great time to buy, as Bunbury goes through a strong period of growth and development. If prices remain so affordable on the west coast, buyers will be jumping out of their socks to get onto the ladder in this great city.

"The end of the construction phase of the mining boom is clearly evident in Western Australia," said Craig James, chief economist at CommSec.

While there is still a transition occurring to a service economy after the strength of the WA mining industry, property investors could really make the most of this advantageous buying landscape.

Get in touch with Ray White Bunbury today – we've got a heap of homes available for you to buy right now.

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