Property managers in Perth and Western Australia can expect to be extra busy in 2018, as the year ahead is being heralded to be an extremely favourable one for those looking to purchase property, including interstate and first home buyers.
According to Shane Kempton, chief operations officer of Professionals Real Estate Group in WA and Northern Territory, a combination of low rates, a rising economy and cheap property will create an influx of first home buyers in Perth and Western Australia in 2018.
“The reality is that first home buyers can now buy an established home in Perth for the same price or even less than a decade ago,” Mr Kempton said.
“A good example is Armadale, which is one of the most affordable suburbs in Perth to buy a home. Ten years ago, the median price of a home in Armadale was $302,250, and today it is $265,000.
“So, over the past 10 years, the median price of a home in Armadale has fallen by 12.3 per cent or nearly $40,000, which represents huge savings for potential first home buyers.”
Mr Kempton said that those looking to purchase into an affordable suburb should target those with a median house price of $350,000, which includes Midland at $350,000, Maddington at $320,000, Seville Grove at $336,000, Gosnells at $329,000, Camillo at $298,000, Leda at $324,900 and Medina at $280,000.
“Professionals has already recorded a 30 per cent jump in activity by first home buyers in these affordable suburbs during the second half of 2017, and we expect this trend to gain further momentum during 2018,” the COO said.
“The property market is based on confidence and more first home buyers are now deciding to buy because of improving conditions in the Western Australian economy.”