Perth homebuyers remain the beneficiary of the local property market, but with signs indicating a recovery is on the horizon, the favourable conditions that currently prevail won’t last forever and buyers should act soon if they want to secure a home at current prices. Last week, REIWA’s data partner, CoreLogic, released the national home value index results for September which showed that while house values in Perth continue to soften (down two per cent), the annual rate of decline has started to ease.
Improved affordability in the Perth housing market presents excellent opportunities for first homebuyers to get their foot in the door. This, combined with interest rates that remain at record lows, means if you’re in a position to buy, the timing has never been better to secure your dream home.
We are lucky in WA that the dream of homeownership is still attainable. While property markets on the east coast are starting to cool, houses prices in major cities like Sydney and Melbourne are still significantly more expensive than in Perth.
The median house value in Sydney sits near $1 million, almost double the price of Perth. In Perth there is plenty of opportunity to buy below the median house price close to the city, with suburbs like Balga, Westminster, Nollamara, Cloverdale, Redcliffe and Belmont all presenting affordable options.
If you’re not concerned with living close to the city and would prefer to live on the fringe suburbs of the Perth metropolitan area, there are even more affordable options, with some properties in the metropolitan area priced as low as $200,000.
If you’re thinking about buying a home or investment property, speak with a local REIWA agent to discuss your options and see what properties are available in your area.
