As we settle in to a new decade, savvy first homebuyers are taking advantage of low interest rates, the extension of Keystart’s temporary increase in income limits, as well as upgrades to public transport infrastructure in Perth’s growth areas.
Perth’s median house price is currently sitting at $482,750, and Stockland General Manager Residential Western Australia Col Dutton said with a bit of research and planning, people looking to enter the market in 2020 could set themselves up for the decade.
“There are more than 13,000 homes and units currently listed for sale throughout the Perth metropolitan area, so it can be daunting trying to uncover the best buys. Doing your research on the locations which will benefit in this coming decade, from public transport and infrastructure development, to new schools and new services, can pay dividends."
“It also pays to look into suburbs surrounded by areas of growth and suburbs with rising median house prices, as this is likely to have a halo effect in the medium-to-long term.”
Mr Dutton was supported in his comments by ABN Group Manager Director Dale Alcock, who said a decision to buy now would mean people were locking in the most affordable home, land and finance in many years.
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“As soon as any slight recovery in the market occurs, there will be substantial increases in land prices and home prices, because there will be pressure on supply of materials and labour." “So ideally if you can act now you will be getting in at absolutely the best time. You’ll look back on your decision to buy in 2020 as the best move ever.” - Dale Alcock - ABN Group Manager Director