By October of 2013, home buyers in the Perth market were bemoaning the lack of homes for less than $350,000. With the median price in Perth most recently compiled at $535,000, homes for less than $350,000 have become increasingly rare. Investors and first home buyers became more active in 2013, buying up most of the properties in that range.

According to an unnamed Perth agency, properties prices at less than $500,000 are spending an average of twelve days on the market before being sold.

David Airey, President of the Real Estate Institute of WA (REIWA), sees $400,000 as the “starting point for most people looking for a house. In the twelve months to June 2013, sales of homes in areas with a median price of less than June’s $515,000 were up 11% compared to the previous twelve month period. Rockingham, Baldivis, the CBD, Balga and Thornlie had the most sales, each racking up more than 500.

According to Ken Preston, WA Regional Manager for LJ Hooker, properties under $600,000 are beginning to sell rapidly because it is so difficult to find properties under $500,000 in many areas. Geoff Baldwin, Managing Director of RE/MAX WA reports properties less than $600,000 spending an average of 19 days on the market.

Taking Advantage of the Market

According to the Director of the Baldivis and Rockingham offices of LJ Hooker, Paul Baird-Murray, first home buyers and investors are buying a lot of local properties because they are the two best places in the Perth real estate market to find a home for less than $400,000, with many still going for less than $350,000.

Investors are having a lot of 4 bedroom, 2 bathroom homes built in the area due to what Mr Baird-Murray calls “good returns.” According to Mr Baird-Murray, units in Rockingham can be purchased for as low as $299,000 while house and land packages are still available in the $300,000-$350,000 range.

As a mortgage broker and proud resident of the area, I will be glad to help you find the right home loan to move to Rockingham or Baldivis. Call 0408 912 244.