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Perth first home buyers snatch bargains as prices plummet
November 2, 2015
First home buyers are finding better deals as prices across Perth continue to fall. The latest REIWA quarterly data shows that the median house price for the September quarter is in at $522,133, which is an adjustment of 4.2 per cent on the revised June quarter median of $545,000, while units moved consistently, shifting down 2.3 per cent to $420,125 from the revised June quarter figure of $430,000.
Suburbs selling below $500, 000
Notably in this quarter, another seven suburbs have dropped below the $500, 000 mark. taking the total amount to 87 suburbs. Of the new “under $500,000” suburbs, Shoalwater in Rockingham dropped $40,000 to a median house price of $485,000, Aveley in the Swan Valley fell $27,000 to $498,000 and Redcliffe, 8km east of the CBD and near Perth Airport, was down $18,000 to $495,000.
First home buyers reaping benefits
Is now the time for Perth property seekers to buy? First home buyers seem to think so. In contrast to Australia’s other major cities like Melbourne and Sydney which is currently home to buyers who are struggling with increasing inaffordability, Perth is experiencing a “buyers’ market”. With the mining downturn, changes to stamp duty stimulating purchasing newly built homes and activity outside of metro areas, supply is increasing. This is evidenced by an increasing time on market (TOM) which is now 62 days-an increase of 5 days since June 2015.
Of all the suburbs indicated in the September release to be buzzing with activity, here are a few properties on the market we think are worth a look.