ACCORDING TO Professionals Real Estate Group, current market conditions make now the perfect time to buy property, particularly for those entering the market for the first time.
“Property values have fallen across many suburbs, while at the same time interest rates are in freefall and rental prices remain high – it’s a heady mix that bodes well for first homebuyers,” according to Professionals WA CEO David Hobbs.
“There no doubt that Western Australia housing has become affordable to first homebuyers with the introduction of low interest rates, as well as government assistance up to $21,000 for those who qualify.
“For example, the Professionals Granger Clark Real Estate had a record month last November, with 23 listings and 30 sales. Average price for the sales was $391,750 and 18 of the 30 sales were under $400,000.
“We’ve seen an increase in first homebuyer purchasing across a range of suburbs which started in October and has continued to grow,” Mr Hobbs said.
Suburbs to watch:
Tipped by Residex to grow by an average 10 per cent per annum over the next five years, almost triple the growth rate of many parts of Perth, Rockingham offers first homebuyers affordable entry level homes within walking distance of everything.
Homes in Rockingham Park for example can be bought for as little as $269,000 on the beach side of Read Street between the shopping precinct and the beach. Neighbouring beach-side developments have achieved prices well over half a million dollars.
Offering an ocean lifestyle, Port Kennedy has numerous four bedroom, two bathroom homes available for young working couples or those wanting to raise a family. Close to shops, schools, freeway entries and the new Mandurah train line, commuters are especially well served. Such homes, less than 10 years old, are readily available under $350,000.
Cooloongup boasts an abundance of 1970s era, quality built, ex-defence housing and privately constructed homes averaging 700m² per block and priced under $300,000. Located within cycling / walking distance to public transport and the newly renovated and extensively expanded shopping centre, this is a prime location to raise a family while creating equity for the future.
Kwinana in general is set to experience an estimated $11.5 billion of inward investment. This investment is made up of private and government funding and will include residential, industrial and commercial developments.
Bertram is a growing area and is very quickly becoming a community within a community, with the soon to be built shopping precinct featuring a doctors surgery, day care centres and and Bertram Primary School. New land being released at present in the ‘Parklands’, with Belgravia Central another growing area within walking distance to the Thomas Road rail line.
Medina has the cheapest housing in Western Australia, with prices starting from under $200,000. The average block size is 728 square metres, with some parts of Medina currently under a proposed rezoning to allow some future subdivision.
Medina is only 15 minutes from the major tourist attraction of Rockingham Beach foreshore and over the next 15 years, a number of major projects are planned for the Town of Kwinana. These collectively represent an estimated inward investment of $11.5 billion from private and government sectors. Development projects will span residential, industrial and commercial areas. the Perth CBD by rail.
The Belmont Shire is only 5 to 10 km to the City, with the suburbs of Rivervale, Cloverdale, Redcliffe, Kewdale and Belmont offering the same dollar value as most outer-lying suburbs, but protected by the magic 10km radius to the city. Many listings in the $280,000 to $380,000 range have sold since the First Homebuyers Grant increase was introduced.
Kalamunda / Maida Vale
For the first homebuyer wanting a bit of space to move around, this area boasts a number of large block homes close to Kalamunda Village and local amenities, including doctors, dentists, the hospital, several schools (public and private), a swimming pool, numerous restaurants and cafes, and two hotels. It is close to both airports and less than 20 kilometres to Perth.
Three properties for sale under $500,000 in the area include: a four bedroom, two bathroom home on a 1036m2 block in Cotherstone Road; a three bedroom, two bathroom home on a 961m2 block in Armour Way; and a three bedroom, one bathroom home on a 989m2 block in Scenic Drive.
Bassendean is an ideal suburb for first homebuyers, with a variety of homes, duplexes and villas available for under $500,000. Just 10km from the Perth CBD, walking distance to train or bus, and a short stroll to the beautiful Swan River.
Forrestfield / High Wycombe
Both High Wycombe and Forrestfield offer great value to first home buyers, with facilities to suit young, growing families within easy reach. High Wycombe boasts a new shopping centre and three primary schools, while Forrestfield has a large shopping centre, serviced by both Coles and Woolworths. Forrestfield has several primary schools and one secondary school, with both areas serviced by bus routes to Midland, Cannington and Perth.
Cannington is a designated major regional centre, providing good rail and public transport to the Perth CBD, two major shopping centres in Westfield Carousel and Bentley Plaza and close proximity to employment regions such as the Kewdale – Canning Vale industrial areas.
Price-wise, the location is very affordable for first home buyers, with new home and land packages complete for $407,000 and capital growth of 14 per cent over the last five years. It is also home to primary schools, high schools and colleges and the major Curtin University campus.
Approximately 15 km to the city’s north and 13 km from the coast, Ballajura offers a central location that is still affordable to the first home buyer with a median house price of $394,000. It offers a wide range of schools, is on the border of the booming Malaga shopping district and boasts easy access to the stunning Swan Valley.
Just 25 minutes from the City of Perth, Wanneroo is an established suburb that boasts “bigger sized blocks for your bucks!” First homebuyers can choose from older style homes to renovate, or buy in the new estates and enjoy all the creature comforts of brand new homes. There are plenty of homes and blocks to choose from under $400,000 and local facilities include a major shopping centre that is currently being upgraded.
Yokine is just 7km from Perth City and is ideally situated for the first homebuyer. It provides excellent public transport options, good local shopping, higher education (Edith Cowen University) and east access to the coast just 10kms to the west. It has a good mix of units, villas and townhouses that fit into the first homebuyer price bracket and growth rates in the past have been exceptional. The closer to the city, the better the location.
An ideal suburb for first homebuyers looking for good infrastructure and close proximity to the GPO. Osborne Park, Tuart Hill, Balcatta and Stirling are all in close in proximity to freeway accesses, various schools and medical facilities and major shopping centres. Their central locations make for fast and easy access to the city and coast. Many affordable opportunities do exist in these areas, with values reasonably stable and demand strong.
Mirrabooka is situated 10 km from the city, 10 km from the beach and provides easy airport access. There are still many affordable homes on good size blocks in the $320,000 to $400,000 price range. The suburb is surrounded by major shopping centres, government and private schools. It is a truly multi cultural suburb, with a huge rental demand.
Ocean Reef offers properties starting around the high $300,000-mark, up to the high $1 millions, providing something for all buyers.
The market for first homebuyers includes strata titled properties in the high $300,000-plus range. These are spacious properties on low maintenance blocks, usually in quiet locations. Most have two properties only on the title, so there are no strata fees or strata company to negotiate.