If you are thinking about buying your first home, the mortgage brokers at Smartline Rockingham have great news for you: real estate experts say we are now in a buyer’s market for housing in the Perth area.
According to the Real Estate Institute of Western Australia (REIWA), Perth added eight times as many properties as were sold in 2015. According to Hayden Groves, President of REIWA, 23,500 houses, 5,000 units and 7,000 blocks of land changed hands in 2015, for a total of 35,500 transactions. This is half of the 75,000 transactions that happened in 2005.
Mr Groves also revealed that there are currently 24 homes on the market for every one that sells and 41 units on the market for every one that sells on a monthly basis. In November 2014, one home sold out of every 17 listed. One year later, one home sold for every 27 listed.
Mr Groves feels that the shift in demand is producing a “healthy” market and that the 2016 market will be “calm and steady.”
The Perth median home price was $540,000 for the December quarter of 2015. 14,539 homes were listed in December 2015, down from 16,475 in November.
What Our Mortgage Brokers Think
We agree: it’s a buyer’s market. We don’t think the combination of available homes, affordable prices and low interest rates will ever be like this again. Whether you want to move up to a larger home or buy your first home, you may never have an opportunity like you will in the current market.
Apply for a Home Loan at Smartline Rockingham
If you want to take advantage of a buyer’s market, consult a mortgage broker at Smartline Rockingham. We can get you pre-approved for a loan. We have access to 28 different lenders and the experience to know which ones are the most “friendly” to your current situation.
Call us today: (08) 9527 1800.