Based on sales data from March 2019 to March 2020, Damian shares his top seven picks for this year – as well as some tips – for first home buyers.
Damian believes that the Perth market is split into two tiers – the inner ring (suburbs less than 15km from the city) and outer ring (more than 15km from the city).
Unsurprisingly, the best places to buy can all be found in Perth’s inner ring. Damian explains “As Perth grows, you’re going to see people wanting to live closer and closer to shopping centres, entertainment, cafes and train stations. As the city gets more congested, people get sick of driving and having to go long distances.”
“It’s a good launching pad for a first home buyer on a budget. They can buy, build up some equity and move later,” says Damian.
With the median house price at only $278,000, Damian explains that established homes are starting to become more popular for first home buyers.
There are a lot of indicators that Beechboro will be a top contender. There’s been a 12.2% growth in sales and properties for sale have only lasted 33 days on average.
The median house price for this area is $345,000.
Another suburb to keep in mind if you’re looking to buy north of the river. It’s only 6km from the city and the median house price is $397,000.
Compared to other cities, Damian explains that it’s rare to buy a property this close to a city for under $400,000.
With the median house price at $530,000 Damian says that although it’s on the higher end of the price range for some, it’s “Another one that’s not only good short term but long term”.
“What’s really important to note about Bayswater is that it’s got a substantial new train station coming in. I suspect that will bring a lot of vibrancy to the area and a lot more demand for people wanting to live in Bayswater.”
This suburb has direct access to cafés, restaurants and public transport, so it's no surprise property sales have increased by 10.5%.
With the median house price at $540,000, it’s a competitive price for being so close to the city.
With a variety of apartments and established properties, it’s an area that caters to a variety of buyers.
“Cannington’s got a train line, shopping centre and entertainment precinct,” says Damian. He says the median house price is $335,000, making it very affordable for first home buyers.
“It’s got a good school district and the median house price is $487,000,” says Damian.
Sales volumes have picked up by 18.2%, so Damian explains it’s a good indicator that this suburb is prime for growth in 2020.
“It’s not just about the shiny new house today and if you buy in the right area, it could be the launching pad to get into a better suburb and a better home in the future as the property grows in value.”
Damian urges first home buyers to think about their property goals long term.
There are a few options for first home buyers, so it’s worth doing your research.
You could be eligible for the stamp duty exemption if the property is under a certain amount or if you’re planning to build, you could apply for the First Home Owners Grant (FHOG). Check the state government’s website for the latest info.
“In the grand scheme of things, I’ve seen a lot of people miss out when they try to time it to get to the bottom. They wait and wait and wait, and then the bottom comes and goes without them realising it.”
“If you want to buy a home and can afford it, I’d encourage you not to sit on the sidelines.”
See more about buying your first home in a falling market.
“Talk to your Bankwest Home Lending Specialist and get pre-approved for a loan first,” Damian advises. “By getting your finance sorted upfront, you’ll know what your budget is.”
Getting conditional approval for a loan can be quite straightforward. Our Home Lending Specialists can walk you through it.