The approaching year in Perth and Western Australia is being heralded as one to be extremely favourable for first home buyers, as well as anyone looking to purchase property.
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 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, 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 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,” he 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 Australia economy.”