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First home buyers moving to Perth

Mark Bristow avatar
Mark Bristow
- 2 min read
First home buyers moving to Perth

Where are Australia’s first home buyers? Perth, according to the Real Estate Institute of Western Australia, which saw increased sales for lower-priced properties over the March 2018 quarter.

With preliminary figures showing 5865 dwelling sales for the March 2018 quarter (expected to reach 6603 once all sales settle – a marginal decrease on the December 2017 quarter), the number of sub-$500,000 sales increased by 5.7 per cent over this period, which REIWA president, Hayden Groves, said was indicative of first home buyer activity.

“The final quarter of 2017 saw the composition of the Perth market shift. 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

According to the REIWA, Perth’s preliminary median house price for the March 2018 quarter is $510,000, though this is expected to increase to $517,000 once all sales settle, which would put the March 2018 quarter median marginally lower than the December 2017 quarter median by 0.6 per cent. The preliminary median unit price of $401,000 was expected to rise to $410,000, putting it equal to the December quarter median.

Perth listings were up 10.2 per cent on the previous quarter, but down 2.9 per cent year on year. The average selling days also increased over the quarter, though it was still two days quicker to sell than during the March 2017 quarter.

Disclaimer

This article is over two years old, last updated on May 18, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.

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This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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