Perth first-home buyers busy in March quarter: REIWA

Perth first-home buyers busy in March quarter: REIWA

FIRST-HOME buyers were active in the March quarter, with REIWA figures showing 45 per cent of Perth property sales were for less than $420,000.

President Hayden Groves said the data showed there were affordable options available and it was a good time for first-home buyers, as well as those looking to trade up, to make a move.

The increased activity in this sector saw the median house price fall to $520,000.

“The median house price is down 3.7 per cent on the revised December 2015 quarterly median of $540,000 and with the higher number of transactions in the lower end of the market, this comes as no surprise,” Mr Groves said.

The median price for units showed very little change, coming in at $435,000, compared to $436,000 for the previous quarter, while the median price for land rose 8.9 per cent to $305,000.

The number of properties for sale increased six per cent to 15,277, but the number of sales fell from 8798 in the December quarter to 5852.

“Sales have slowed across the Perth metro region, however we hope to see the seasonal increase that the autumn months traditionally bring,” Mr Groves said.

While stock levels gave buyers plenty of choice and the opportunity to find their ideal property, this meant sellers were taking longer to secure a deal.

The average selling days for a house was 65 days, up six days on the previous quarter and 10 days on the same period last year.

In the rental market, the number of listings increased five per cent to 9658, 15 per cent more properties were leased and the overall median rent fell $5 to $395 per week.