Perth's first time buyers boost property market
First time buyers are emerging in droves in Perth - a trend which is attributed to helping boost ...
First time buyers are emerging in droves in Perth - a trend which is attributed to helping boost the city's residential property sector.
David Airey, president of the Real Estate Institute of Western Australia, said an increasing number of people breaking into the real estate game had resulted in higher buyer demand.
"Strong first home buyer activity is a terrific stimulus for the entire housing system," Mr Airey commented.
"This scenario is reflected in the fact that the top two suburbs for price growth in the December quarter were outer-suburban, affordable, Calista and gentrified, upper-market Mount Lawley."
The property expert went on to say that December quarter figures show the average house price in Perth has increased three per cent to $495,000 since the previous quarter - just $7,500 less than the city's peak in March 2010.
Mr Airey said more and more people were buying homes in the upper-end of the market, particularly in the $600,000 to $700,000 range.
The median price for units and apartments in the Western Australian capital increased by almost two per cent to $410,000 during the same period.
Inner-city areas such as Highgate and Burswood saw the biggest increase in demand, Mr Airey added.