The home loan brokers at Smartline Rockingham always keep a watchful eye on the housing market. We are in a unique position to observe how prices affect the market and vice-versa.
According to the REIWA, the median home in the Perth market dropped from $550,000 in December 2013 to $542,000 in December 2014. However, the December 2012 price was $500,000, making the $8,000 drop of less consequence. Anecdotally, prices are not moving the first two months of 2015, but official figures aren’t in yet.
However, the Rockingham area had mixed results in 2014. Baldivis, which spent the last two years as a “hot suburb,” levelled off at $460,000 for 0.0% growth. Rockingham grew 4.8% with a median of $440,000. Cockburn showed a decrease of 6.4% for a median price of $535,000.
Prices are holding steady now. Some economists project a rise, some a flat year and some see price relief on the way. Considering the recent interest rate cut and its effect on the Australian dollar, we see steady prices for the next few months a gradual upturn towards the end of the year.
The economy seems to be improving slowly, which is what the RBA had in mind with its interest rate cuts. As the dollar continues to fall, we see continued economic improvement. We see the current period as a “sweet spot” for buying a home.
Call Smartline Rockingham
If you are in the market for a home loan, call Smartline Rockingham today for a pre-approval. We have access to 28 different lenders who offer a total of more than 300 credit products. We have been Rockingham’s most trusted mortgage brokers since 1999.
We have a wealth of experience that helps us determine which lenders are the most likely to respond positively to your financial history. Let us do the “heavy lifting” and find you the right loan for your situation. To learn more, call (08) 9527 1800.