As trusted mortgage brokers in the Baldivis area, we are always looking at every industry statistic that we think can help our customers. We found a great one today. WA has eight of the top ten buyer’s markets for real estate within 10 km of the CBD in Australia, according to news.com.au.
A “buyer’s market” is usually characterised by properties sitting on the market longer than sellers would like. This causes them to be more open to offers for less than their listed price. In East Perth, properties stay on the market an average of 110 days before they sell, resulting in price drops of 11.4%, according to data compiled by CoreLogic RP Data.
What it Means to Your Home Loan in Baldivis or Rockingham
We see this as a furthering of the trend towards outer suburbs. The Perth property cycle is now in a stage where people are buying more in the outer ring suburbs. Meanwhile, prices in Baldivis, Rockingham and the rest of our area haven’t risen so high as to be unaffordable yet.
Right now, the housing market in Baldivis and Rockingham is in a “sweet spot” that we may never see again. According to Your Investment Property magazine, The median home in Baldivis is $459,250, well below the Perth average, which is still well over $500,000. While the market contracted 1.76% in the last 12 months, the annual capital growth since November 2012 has been 20.47%.
Rockingham is poised to become the next “hot” suburb. The median price for a house is $460,000. Annual capital growth over the last three years has been 7.46%. Last year, Rockingham provided 5.75% annual growth. In addition, Rockingham is projected to double the average performance of the Perth market for 2016.
Talk to One of Our Mortgage Brokers Today
To talk to a mortgage broker or for more information, call Smartline Rockingham today: (08) 9527 1800.