17. January 2012 18:50
Based the Real Estate Institute of Western Australia (REIWA), Perth’s median price increased by 0.5%, with up by $5000 on the September. This is the first lift in median price for almost 2 years that house price has risen because of the more trade-up buyers entering the market. REIWA data shows that first-home buyers continue to increase as well as the trade-up buyers therefore there is an increase of the house sales as well.
According to REIWA President David Airey, “First home-buyers have been skewing the median downwards by generating large sales volumes of more affordable homes, but now this has been balanced with more up-grade buyers in the market who tend to purchase the more expensive properties.” Entering the market of the home-buyers makes an evident that greater confidence returning to the property market. It reflects that rental market will tighten but the house sales will increase. But we need to be maintain some level of cautiousness and well-prepared whatever will happen even WA having a robust economy.