Australia’s property market has been on the move in recent years, with many would-be, first-time homebuyers finding that they simply can’t afford to buy or build their dream home. But that’s not so in Perth. In fact, the team at RedInk Homes believe that Perth should be the number-one contender for first-time homebuyers in Australia. In this post, we’ll explain why.
Perth Home Prices Haven’t Been This Low in a Decade
We’ll begin with a general reason that anyone looking to buy a home in Perth will be interested in. Property prices in the city haven’t been this low in well over a decade. This has been a rapid development. To put this in perspective, consider that the expense of servicing a mortgage in Perth dropped by more than $200 per month in 2016.
That’s an incredible decrease over the course of a year. When you pause to consider that, it should come as no surprise that prospective home buyers are positioning themselves to cash in on this development. And to be fair, it’s not just in Perth that we’re seeing price reductions like this. Much of WA is subject to similar conditions, with prices dropping outside the metropolitan area and the surrounding region.
First-time home buyers often have limited finance options, so a massive drop in price makes this a particularly attractive region for those who have never owned a house to start considering their options. With that in mind, we’re even seeing young families and career types moving to Perth from Sydney, Melbourne and other major cities for this very reason. They’re ready to capitalise on local market conditions.
Perth Is an Incredibly Liveable City
Perth residents have long known just how incredible the city they call home is. And recently, the rest of the world has been taking notice. Back in 2016, Perth was named the seventh most liveable city in the world by Mercer’s Quality of Living survey – and that’s only one of many rankings that is ceding such a high global position to Perth.
Australia’s capital cities generally fare well in rankings like this. The reality is that Australia has been – and continues to be – one of the most liveable places on the planet. But Perth has something extra to offer residents and homeowners.
Let’s take Sydney as an example. In terms of infrastructure, culture and atmosphere, this is truly a world-class city. The problem, however, is that soaring property prices make it increasingly less habitable for the average Australian. How could a person enjoy living in a city when they can barely even afford to call it home?
But Perth is markedly different. Housing prices have been adjusting towards a much more practical level, meaning that you don’t have to have an exorbitant salary or count yourself amongst the local elite in order to enjoy everything Perth has to offer.
And when it comes to exceptional offerings, Perth certainly delivers. It offers fantastic weather, with an average of 265 sunny or partly sunny days each year. Factor in the idyllic beaches, cultural attractions and recently revitalised neighbourhoods, and you’ve got a city worth moving to. With that in mind, it should come as no surprise that Conde Nast Traveler refers to Perth as ‘Australia’s rising star’.
Now Is the Time to Build a House in Perth
At RedInk Homes, we specialise in helping our clients build the house they’ve always dreamed of living in. And with such favourable conditions going for WA’s capital city, we’re convinced that there has never been a better time to move to Perth and build a home.
And for first-time buyers, there are other advantages, too. For example, earlier this year, the government boosted the first-time homeowner’s grant from $10,000 to $15,000. If you’re looking for a place to build your dream home, we encourage you to give Perth ample consideration. Browse our featured display homes and don’t hesitate to contact us should you have any questions.