Herron Todd White have released their market update report for the first quarter of 2017, and while property prices in Perth continue to decline , there is evidence of increased buyer activity in the market.
Location is key...
The most significant buyer activity is in the $1-1.5 million price bracket, with many buyers looking to upgrade to premium locations that were previously unaffordable to them. Suburbs experiencing plenty of buyer activity include Fremantle, Cottesloe and Applecross to name a few.
Many buyers are also seeking to upgrade to better locations so as to fall into the school catchment zones for high performing public schools, and houses in areas such as Bull Creek and Willeton are experiencing strong demand for this reason.
First home buyers
The declining Perth property market represents a great opportunity for first home buyers, and there has been an increase in first home buyer activity particularly in new constructions.
In December last year, the government announced a $5,000 boost to the WA First Home Owner Grant. The boost is only for first home buyers who enter into a contract between 1 January and 31 December 2017 to purchase or construct a new home, taking the total first home owner grant to $15,000 for new constructions.
Established property transactions are not eligible for the grant, to find out more about eligibility criteria please visit the WA Office of State Revenue.
Overall, the Perth property market appears to be approaching the bottom of the market and this is driving increased buyer activity for first home buyers and upgraders.
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