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