First home buyers were back in the Perth market in droves in October, according to the Real Estate Institute of Western Australia (REIWA).
Interestingly, REIWA noted these new buyers are purchasing in the lower end of the market, lowering the median price in the state capital.
In a statement released November 1, REIWA reported that the median purchase price for first home buyers across the state for both August and September was $435,000 – an increase from $400,000 at the same time last year.
REIWA President David Airey said that the median price for units and apartments across the state dropped considerably during the period, in both cities and the rural areas of the state.
"The distribution of house sales in Perth by price range reveals the compressed nature of the market. Some 75 per cent of turnover occurred within the band of $350,000 to $800,000 and which compares to 71 per cent of turnover in the same bracket this time last year," said Mr Airey in a November 1 statement.
If you're a property investor hoping to sell real estate in Bunbury or any of the surrounding regions, now could be a great time to take advantage of the market and sell property to first home buyers in the area today.