Falling Perth property prices highlight first home buyer opportunities
First home buyers in Western Australia can rejoice. The June quarter has seen house the median house price in Perth drop slightly, which could be brilliant news for anyone interested in buying a house in the region. According to data release by the Real Estate Institute of Western Australia (REIWA), the capital city saw prices drop by 1 per cent over the June quarter - with the median price falling from $550,000 down to $545,000.
REIWA president David Airey said a lot of this movement could have to do with first home buyer movements across the market, which highlights the great positions these buyers could now find themselves in.
"There seems to have been a rebound in first home buyer activity ahead of the transfer duty changes that started on 1 July, and this probably had an influence on turnover during this period given that we saw strong sales activity in the $400,000 to $500,000 range," said Mr Airey in a July 26 statement.
"REIWA data show that reported sales dropped across most of Perth, with the central area within 10 km of the CBD experiencing the biggest drop of 6 per cent. This contributed to the fall in the overall median due to the softening of sales in the $500,000 to $900,000 range."
Finally, apartments and units across the city have seen the median sale prices increase by 5 per cent over the quarter, lifting the price over the three month period to $470,000 for the Western Australian capital.
However, according to the data recorded, Perth's western suburbs have been performing well over the last quarter, with activity among houses selling between $1 million and $1.5 million on the rise.
Citywide, the stock being listed across the region has seen a slight increase, climbing by 8 per cent to 10,872 properties - including a 12 per cent leap in land lots up for grabs. Overall, the listings are up almost 25 per cent over this time last year - presenting a number of opportunities for first time buyers.
"[The number of] days on market hasn't moved much, up by 1 day to 57 for those looking to sell. As a consequence, the number of sellers reducing their asking price grew further to almost half, although the variance between asking prices and selling prices tightened a little to just over 5 per cent in favour of the buyer," said Mr Airey.
Now could be a great time for first time buyers to get in touch with a Perth real estate agent and consider securing their own slice of property in the near the future.