House prices booming in immigrant hot-spot

House prices in one of the most popular Australian cities for British migrants have reached record levels, new figures show.


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According to the Real Estate Institute of Western Australia (REIWA), as of November the median house price in Perth had reached AUS$535,000, almost AUS$10,000 dollars higher than it had been just six months ago.

It had been thought that house prices in the city had started to slow, as prices fell to AUS$510,000 in the September quarter, but a resurgence in people buying close to the city centre and the continued strength of Perth’s first-homebuyer market has seen prices boom once more..

“The quarterly median (price) for the three months to November was up by almost 4 per cent and due mainly to the composition of sales during this period after strong first-homebuyer activity pulled the median house price down to AUS$510,000 in the September quarter,” explained David Airey, the President of the REIWA.

“While first-homebuyer activity is still very evident, there was a solid increase in sales within a 10km radius of the CBD and a softening of activity in outer areas,” he added.

Official Western Australia State Government figures shows 1,969 first-homeowner grants were paid out in October – the second highest monthly total since December 2009.

In September, the WA State Government changed the grant scheme so that first-time buyers are entitled to a grant of AUS$10,000 for newly built homes and AUS$3,000 for established homes.

Article published 4th December 2013

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