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Having being a first home buyer myself many years ago, I believe now it the most opportune time for young people to get into the WA property market in a generation.
I can still remember as a young person when the RBA cash rate was 17% compared to just 1.5% today!
High interest rates and expensive property has historically been the two big barriers preventing first home buyers entering the property market.
In Western Australia we have neither with record low interest rates and very competitive property prices compared to the rest of Australia with the median house price in Perth now at nearly half the price of Sydney.
If I were a first home buyer today, I would have no hesitation in buying an established home.
There are now a wide selection of areas in Perth where you can buy an established home for under $400,000 in areas stretching from Wanneroo in the north to Secret Harbour in the South and Byford to the East.
Many of these homes are near new which means they have very little maintenance costs associated with them.
Buying real estate is always about timing as much as location. We are nearly at the bottom of the current property cycle in Perth and it is only a question of when and not if property prices begin to rise.
It is unlikely house prices in Perth will fall much further because the construction of new homes in Perth has been gradually declining over the past 18 months meaning that supply and demand will begin to balance each other out.
When the Perth property market recovers, there will be a strong upward market correction with the smart first home buyers who purchased now reaping the big financial rewards.
This has always been the case in the past over many years and will be no different in the future.
So my message to first home buyers is they would be mad now to buy now in Perth and they should buy, buy, buy!