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Professionals Real Estate Group is recording its best summer coastal sales season in Perth since 2015.
Shane Kempton, Chief Operation Officer for Professionals in Western Australia and the Northern Territory said property sales in the coastal areas of Perth were currently 20% higher than 2016 and 2017 summer seasons.
“Buyers understand the Perth property has now bottomed and they are moving quickly to secure a home before prices start to rise.
“This is particularly the case in the coastal locations of Perth where sales tend to be stronger during the summer months.
“Professionals is finding that sales are now much higher than the Spring months and even higher than the summers of 2016 and 2017 because the Perth property market is now gaining more traction.
“In particular, we are finding that first home buyers are now very active in the coastal market.
“For years, they had been locked out of the coastal market because of high prices and competition from investors.
“However, competition from investors has declined due to new lending rules being imposed by APRA while property prices in coastal locations are now rock bottom.
“At the same time, mortgage rates for first home buyers also at historical lows with first home buyers being able to secure rates of less than 3.6%.
“In particular, Professionals is finding very strong demand for homes from first home buyers along the coastal strip from Rockingham to Mandurah. First home buyers have a wide selection of homes in this area that can be purchased for under $400,000.
“Professionals is also recording rising sales for homes to first home buyers along the northern coastal strip in areas such as Butler and Clarkson. First home buyers favour these areas because they are not only close to beach but have a high level of infrastructure such as railway stations, shopping centres and schools.
“The current Perth market now offers first home buyers a once in a life time chance to buy a coastal property and many are now seizing the opportunity to do so.
“In addition to first home buyers, Professionals are also fining strong demand for coastal properties this summer from upgraders.
“They are also taking advantage of record low interest rates to upgrade their home and take advantage of very competitive property prices in the top end of the coastal market.
“Coastal suburbs that are benefiting from this upgrader trend include Iluka, Ocean Reef, Mullaloo, Kallaroo, Hillary’s, Marmion, Trigg and Scarborough and City Beach,” he said.