Home News Buying opportunities open up in Perth

Buying opportunities open up in Perth

Font size :

Property buyers who were priced out of the Perth market during the boom over the last couple of years can finally get a foothold in the market as the median house price becomes more affordable.

Preliminary data from the Real Estate Institute of Western Australia (REIWA) showed Perth's median house price dropped by 2.7% to $457,000 over the three months ending March.

REIWA president Rob Druitt said the pull-back in prices was due to higher interest rates, a drop in overall consumer sentiment and a record number of listings now on the market.

The number of properties listed for sale more than tripled to 17,000 from 5,000 in just 18 months - flooding the market with choice and giving buyers more competition and more leverage in negotiating on price, according to Druitt.

Despite the record number of listings, Druitt said he was confident that pent-up demand from would-be buyers would soak up the excess throughout 2008. "As the population continues to swell on the back of a strong economy, many people have been keenly waiting and watching for the right time to buy," he said. "Now, with interest rates on hold and possibly coming down shortly, and property prices rationalising to a more affordable level, we're likely to see some renewed buyer activity in the market."

Vacancy rates have dropped to 1% in Perth in the same period, boosting a rental increase of 1.5% for houses and 3.3% for units.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

Young Sydneysiders are less keen on homeownership Young Sydneysiders are less keen on homeownership

Many would rather ‘rentvest’ than be tied down to a costly owner-occupier mortgage, according to new studies Read more

New social housing aims to transform Ivanhoe Estate New social housing aims to transform Ivanhoe Estate The sprawling redevelopment aims to boost the supply of affordable housing in Sydney ... Read more

A new suburb will be built in west Melbourne A new suburb will be built in west Melbourne Mount Atkinson will become home to more than 22,000 people over the next 15 years ... Read more

Surging house prices threaten liveability in Melbourne Surging house prices threaten liveability in Melbourne Analysts warn the city could become just as unaffordable as Sydney, if property trends continue ... Read more

More mortgage news and articles

Sponsored Links

Tuesday, Aug 22, 2017
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?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords