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While Western Australia’s mining boom is over, it doesn’t mean property investors can’t find profits.

While tenants are taking advantage of the slowdown to successfully bargain for a better deal, the same discounts could be available for property investors according to Aussie Home Loans’ Western Australia State Manager, Daniel Ganon.

Mr Ganon was speaking at a seminar on property investment in Perth on Tuesday 10 March. He said record low interest rates, slowing population growth and higher housing supply had combined to open the door for first home buyers and investors to negotiate better prices.

“While WA is no longer the nation’s star property performer, there are bargains to be had among the increased supply of housing stock.

“We see a higher level of supply initiated by the mining boom coming onto a market which now already has one of the highest vacancy rates of any Australian capital city.

“The drop in mining investment has removed pressure on property values creating an ideal space for property investors to move in,” he said.

Mr Ganon said home buyers and investors could benefit by talking to their Aussie broker who will have the skills and experience to help them negotiate a great deal.

Mr Ganon advised investors to take a longer term view of the market and look at so-called lifestyle regions along the coast where there were higher levels of capital growth.

Tim Lawless, Head of Research at Core Logic RP Data, presented data showing Perth sales volumes peaked about two years ago and the numbers since have steadily declined. The Perth housing market has been flat over the last 12 months with only a 0.6 per cent average increase.

“Lifestyle regions are performing much better than the capital and we have seen renewed investor demand in the South West especially in areas like Bunbury which saw values grow 7.7 per cent, Busselton which saw growth of 3.7 per cent and Augusta which grew 5.4 per cent.

“Perth property prices look set to flat line for the next several months due to more advertised properties combined with a weak economy, but could start to trend upwards from there,” Mr Lawless said.

Kristian Jeromson, BMT Tax Depreciation Specialist, said that tax depreciation is an important aspect that all investors should consider when purchasing a property.

He emphasised that while each person’s investment needs were different and they should consult a professional advisor, there was the potential to unlock a hidden source of cash flow and to potentially save thousands of dollars at tax time.

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