Home News Buyers turn to Perth for more affordable homes

Buyers turn to Perth for more affordable homes

Font size :

Real Estate Institute of Western Australia (REIWA) reported that the state’s capital saw its residential sales affordability improve in September, meaning that more home buyers were able to enter the market during the period.

Taking REIWA’s data into account, Perth’s median house and unit price should settle at $505,000, and $395,000 over this period, making  the median house price 1.9% and 1% lower than the median last June 2018 quarter and the past year’s September quarter, respectively.

 “While quarterly median figures can be more subject to stock composition changes, the fact that the annual change is only 1% lower suggests that we are at or near the bottom,” REIWA President Damian Collins commented.

This statement is almost true for the unit market, whose median is 1.3% lower than the June 2018 quarter and 2.5 % lower than the September 2017 quarter.

“While the worst of the market downturn appears to be behind us, the results of the September 2018 quarter reveal conditions are favourable for buyers and investors,” Collins further added.

57 areas tracked upward during this time, though, in terms of recorded median house price growth. These were headlined by Swan View, East Cannington, Como, Hillarys and Cottesloe. For the unit market, Maylands, Midland, Tuart Hill, Fremantle and Claremont had the strongest price growth.

Over the quarter, Perth registered a total of 6,428 sales, down by 4.9% from the June quarter. 

Collins emphasised that there was little cause for alarm, given the circumstances during the period.

 “It’s not uncommon to experience a decline in sales during the September quarter, with West Australians typically less inclined to search for property during winter. We tend to see activity slow during the winter months before increasing again as the weather warms up,” he said. 

The good news?  Share of house sales in Perth has increased, with data showing houses now making up the74% of all sales, compared to 65 %at the same time in 2017. 

Baldivis, Canning Vale, Morley, Dianella and Gosnells were the top selling suburbs for house sales. The biggest rise in house sales activity, meanwhile, was seen in Cooloongup, The Vines, Alexander Heights, Mirrabooka and Wattle Grove.

 “It’s a good time to buy, which is reflected in the fact a higher proportion of houses are now being sold. This shift in the composition of sales (houses, units and land) indicates buyers are more inclined to purchase a house than they might have otherwise been. This can be attributed to housing affordability improving across the metro area, which has made buying a house a more attainable property purchase,” Collins said.

More importantly, first home buyers remain active in the Perth market, as an increase in activity between the $350,000 and $500,000 price range was observed during the quarter.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

ANZ plans ramping up investor lending ANZ plans ramping up investor lending

The bank's home lending was almost flat due to the decline in investor loans Read more

Foreign buyers are ditching Australia's housing market Foreign buyers are ditching Australia's housing market But one state remains a bright spot for foreign property investment ... Read more

Going to the bank or meeting a broker? Going to the bank or meeting a broker? Both can help new home-owners in securing a loan, but which one will hand down the best deal? ... Read more

How to approach a 'honeymoon' rate How to approach a 'honeymoon' rate The first year of a home loan is considered to be the most stressful, but will a temporary discount help you get ahead? Or trip you up in the long-run? ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Feb 20, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
  • How much do you want to borrow?
  • How much deposit do you have?
  • How much is your house worth?
  • How much do you still owe on your mortgage?
  • What type of mortgage do you have?

  • How much is your new home?
  • How much do you want to borrow?
  • How soon do you want a mortgage?
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords