The Mandurah property market may be showing signs of a recovery, if recent statistics from REIWA are anything to go by. Mandurah recorded a positive growth rate of 10.5% in the median house price last year, and the market is already showing positive signs for 2014.
Just a couple of years ago, house prices in Mandurah were falling fast and the area was troubled by chronic oversupply issues. However it seems that the Mandurah market may be recovering again, with strong buyer activity in 2013. So what are the key factors that are driving a renewed interest in the Mandurah property market?
For one thing, the average property price in Perth is increasing every year. This means that many prospective buyers, in particular first home buyers, are simply being priced out of the Perth metropolitan market. On the flipside, properties in Mandurah are much more affordable and offer great value for money, with the median price for an established property in Mandurah around $315,000. Compare this to the average median house price of $505,000 in the Perth metropolitan area, it’s easy to see why Mandurah is an attractive option for first home buyers who are looking to get more value for their money.
Many buyers are also attracted to the waterside location and semi-rural lifestyle which Mandurah has to offer, making it a popular choice for young families or retirees looking for a sea change, Mortgage Choice broker Lisa Carter advises.
Perhaps most significantly the area is attracting a large number of FIFO workers, with some market experts predicting that Mandurah will see a boost in property values due to the strong interest from fly-in, fly-out workers looking to buy in the area.
Interestingly though, it’s not just FIFO workers and locals who are attracted to the unique lifestyle that Mandurah has to offer. Overseas interest from Chinese investors also rose significantly in 2013, with property websites such as Juwai.com (which caters to the Chinese market) reporting a 634% increase in search enquiries for Mandurah during 2013. (Perthnow.com, 2014)
So if you’re thinking about buying property in Mandurah, now is a great time to get in touch with your local mortgage broker. Contact us on 9535 3888 today to book an appointment with your local home loan expert Lisa Carter.