The opportunity for overseas buyers to buy well has increased in recent times.
REIWA figures indicate that the number properties on the market in the western suburbs has increased by 79% over the past 12 months.
Conversely, the number of sales per quarter has decreased. In fact, there were only 14 sales in Cottesloe for the three months from July to September 2008 - down from 52 in 2007!
With the fall in the Australian dollar, buying opportunities in the western suburbs have become even more attractive to overseas investors.
In July, the Australian dollar reached a high of 98.49 cents. In recent weeks, the price has been fluctuating at 30-35 per cent less in the range of 62-68 cents.
What this means is that assuming, an overseas currency has remained steady, property prices for the overseas investors are now considerably cheaper than what they were 12 months ago.
So, if you know anyone living and working overseas – now might be a great time to alert them to real estate in the Western Suburbs of Perth – the best place to live in world and now at a far more affordable price.