Bargain Property Buys in Perth | 9 News Perth
With the median house price in seven more Perth suburbs falling below $500,000 in the past 12 months, first-home buyers now have more choice and opportunities to get into the market.
In November 2015, Momentum Wealth Managing Director Damian Collins spoke to 9 News Perth’s Kate McPherson on the topic.
Hear what he had to say in the video above and transcript below.
News Anchor: “First time buyers are finding better deals as prices across Perth continue to fall. The average house price of another seven Perth suburbs has dropped below the $500,000 mark. And experts say it’s time to buy.”
Kate McPherson (Reporter): “Perth’s gen Y has waited years for affordable housing. Young couple Ben and Micha say now’s the time to get into the market.”
Ben: “Prices dropping, and all that sort of stuff. So yeah, it was time to get your foot into the door and go for it.”
Kate McPherson: “The first home buyers today inspecting this Heathridge house in Perth’s north, a suburb that’s now become more affordable. It’s one of seven Perth suburbs to drop below the $500,000 median price in the last year. It joins Shoalwater, Aveley, Redcliffe, Dayton, Craigie and Alexander Heights.”
Damian Collins, MD, Momentum Wealth: “We’ve had the mining downturn, and a lot of people have gone and bought homes and built homes on the outskirts so there’s more supply available, and overall, it’s more supply than demand means price comes back a bit.”
Kate McPherson: “But the mining downturn isn’t the only reason cited for the drop in prices. Changes to the stamp duty threshold means first home buyers have to fork out money on homes over $430,000.”
Gaylene Bicheno, Peard Real Estate: “A lot of them are actually going out and building because they will get $10,000 for a new build.
Kate McPherson: “The real estate agent for this house says 18 months ago, she could have sold the property for around $510,000. Today, she’s hoping for $460,000. Experts agree, it’s a buyers’ market.”
Damian Collins: “When you compare what you get in Perth, it’s a third of the price in Sydney. So it’s just a really good buying opportunity for people who were thinking about it.”
Ben: “Excited, excited. It’s a big step.”