Professionals Granger Clark
Cnr Illawarra Cres North & Alexander Drive Ballajura
08 9249 6888
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The latest statistics from Mortgage Choice show that nearly half of Western Australia’s first home buyers are under the age of 30. The number of home owners under the same age has also jumped 60 per cent since 2008.
Even more surprising though, is that 1 in 5 home owners in WA are now under 25 – some as young as 21. These aren’t so much people wanting to settle down, rather they are recognising the investment potential of owning a home and want to start a portfolio in the state.
The trend in WA over recent years is for young adults to live with their parents while saving for their own home, thereby avoiding rental properties in Perth and elsewhere. The money saved on rent goes, instead, toward a deposit for a house for sale in Perth and beyond.
The deposits themselves are easier to come by in WA. Generous first home buyer grants play a significant role in these figures. Young people in the state know they have to save less for a deposit than those in other states.
House prices are also reasonably cheap relative to New South Wales and Victoria, so the deposits are less, the first home buyer grants go further and the mortgages aren’t so risky.
In an industry where every action has a reaction, the growth of this demographic with regard to buying up houses for sale in Perth and further afield has ramifications beyond the statistics.
As in other industries, real estate demand fuels supply, and where there is an increase in buyers, there are opportunities for those placing houses for sale in Henley Brook, Aveley, Ellenbrook and other suburban areas in WA.
The WA real estate market has been robust for a long time, and though growth is expected to slow, it is still growth and the long-term prognosis is largely a good one. Those wishing to place their houses for sale in Perth should be encouraged by young buyers who are highly motivated to secure property and have a sizable government grant to back them up.
Whether you are thinking of placing a house for sale in Marangaroo, Darch, Landsdale or other Perth suburbs, get in touch with the real estate professionals at Granger Clark. We will find the largest array of buyers, giving you the best chance of getting the price you desire for your house. It may well come from someone under 30, or even 25.