How a Perth property made a $70,000 profit in 3 months
A rise in expats returning to Western Australia because of the covid-19 pandemic, along with East Australian workers finding careers in WA is the reason why one property in Floreat has defied the property market's economic downturn to earn its former owner a $70,000 profit.
The house, originally built in 1956, was seen as a relatively modest three bedroom, two bathroom home. However with an influx of workers and returning expats, properties centred around the Perth CBD have become high demand.
The property was originally sold in May for $1.163 million, and now has been re-sold for $1.23 million. With a shortage of rental and stock properties in the area, coupled with the desire to live in that pocket of Perth, there is now strong competition amongst tenants for real estate in Floreat.
This is a brief summary of the article ‘Expats, workers put pressure on house prices as Floreat property is flipped for $70k in three months' | Perth Now | Tuesday 25th August 2020.
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