Perth’s property market was off to a stable start this year amid the return of first home buyers, according to the latest data from the Real Estate Institute of Western Australia (REIWA).
Preliminary figures showed 5,865 dwellings exchanged hands during the first quarter, lower than the expected 6,603. But properties worth $500,000 and below fared well, with a 5.7% sales increase.
“Last quarter there were significantly more sales in the higher priced end of the market and less in the first home buyer price range. It’s been a different story this quarter, with the balance of sales shifting back to the lower end of the market,” REIWA president Hayden Groves said.
Perth’s preliminary median house price stood at $510,000 – but Groves expects it to increase to $517,000 once all sales settle. This would put the March 2018 quarter median slightly lower (by 0.6%) than the December 2017 quarter.
“Increased activity in the lower end of the market is usually a sign first home buyers are active. We are fortunate the dream of home ownership is more attainable for West Australians than it is on the east coast. After seeing activity drop off last quarter, it’s good to see first home buyers are increasing their presence in the market,” Groves said.
It took 67 days on average to sell a Perth house, two days faster than the previous quarter. Buyers had more to choose with 14,413 properties for sale – up 10.2% from a quarter prior.
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