Buyers Spending Record Amounts on First Home

By Kevin Kelly

Those buying property in Perth, including real estate in Australind, are spending more on their first homes than ever before, figures show.

The Western Australian division of the Urban Development Institute of Australia (UDIA) revealed that in July this year, the average buyer spent $450,000 on their home.

This is 7.7 per cent higher than 12 months ago, indicating the strength of the state's property market.

Chief executive officer of the UDIA in WA Debra Goostrey revealed that there are plenty of first-time buyers in the market for properties valued at less than $600,000.

As a result, prices are being forced upwards, which is likely to be good news for anyone who has made an investment in the area.

"We've seen the market balance change dramatically over the past 18 months, encouraged by a strong lift in home ownership, but also the return of investors," she commented.

Ms Goostrey indicated that although there has been a rise in established property listings, prices are still proving difficult for first home buyers to meet in some parts of the state.

Greater effort needs to be made to ensure that new home buyers are able to benefit from any state government incentives that are brought into force.

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