Home News Perth's restless property market presents buying opportunities

Perth's restless property market presents buying opportunities

Font size :
Property markets in resource-rich Western Australia have become unsettled in the March quarter after three long years of scorching growth. Preliminary data suggested the overall metropolitan median price fell by 1% to $452,000 in the metropolitan area; however the Real Estate Institute of Western Australia (REIWA) noted that prices are on the rise once again. REIWA figures showed median house prices grew to around $455,000 by the second week of May. Rob Druitt, president, REIWA said the initial drop may have been caused by a large drop in first homebuyers over the last few months. However, he expected figures to take a positive turn before next quarter due to the government's boosting of the tax-free stamp duty threshold to $500,000 for first homebuyers. "These cuts mean that first homebuyers purchasing a house for around $350,000 will save $13,000, while those who can manage to buy at $500,000 will save more than $20,000," said Druitt. Druitt added the current volatility in the market presents a great opportunity for purchasers and urged first homebuyers to jump at the opportunity. Regardless of shifting statistics, Druitt has said it is still good news for first homebuyers and those hoping to upgrade - allowing for a "freeing up of rental stock for others and easing the squeeze [for vacancy rates]". "This in turn will mean that up-graders who've been waiting for a pool of first homebuyers to relieve them of their existing property will now have the opportunity to sell, upgrade and move, helping to reinvigorate the housing sector across the board," he added.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

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 Aussies would benefit from regional hubs linked to cities More Aussies would benefit from regional hubs linked to cities Shorter commutes could spur higher home sales in regional towns, analysts say ... Read more

More mortgage news and articles

Sponsored Links

Thursday, Aug 17, 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