First home buyers are the winners in WA property downturn

The property market downturn in Western Australia has brought in an opportunity for first home buyers, with homes in 30 entry-level suburbs cheaper today from a decade back.
First home buyers might have to shell out $150,000 less than what they would have paid in 2007 for a house in suburbs with a median price of less than $450,000, according to REIWA figures.
Analysis by The Weekend West revealed that recent and prospective first-homebuyers are the big winners from the property downturn.
The median price has also dropped in the same period in another 21 middle and top-level suburbs.
The 30 suburbs are:
1. Byford
2. Two Rocks
3. Kelmscott
4. Pearsall
5. Medina
6. Secret Harbour
7. Armadale
8. Balga
9. Camillo
10. Mount Nasura
11. Butler
12. Coolongup
13. Ridgewood
14. Ellenbrook
15. Baldivis
16. Nollamara
17. Rockingham
18. Swan View
19. Shoalwater
20. Port Kennedy
21. Gosnells
22. Sinagra
23. Merriwa
24. Waikiki
25. Spearwood
26. Leda
27. Maddington
28. Midland
29. Beechboro
30. Seville Grove
A four-bedroom house at 24 Pomera Drive, Byford sold in October 2017 for $470,000, according to RP Data.
Built in 2007, it was on the market in the range $530,000-$560,000 in April 2008.

Overall, the median price in 75 entry-level postcodes, as well as 116 mid and top-tier suburbs in the metropolitan area, have dropped since the height of the property boom in 2014.
About two-thirds of those suburbs suffered a double-digit price fall in that period.
Real Estate Institute of WA president Hayden Groves told The West Australian that there were signs prices were starting to rise.
REIWA statistics reveal that the median price in the three months to October was $520,000.
It had stayed at a low of $515,000 for several quarters.




