First-Time Buyers Driving WA Property Sales

A large number of Western Australians are ending tenancy agreements in order to take their first steps onto the property ladder.

New findings published this weekend by the Real Estate Institute of Western Australia (REIWA) revealed that rental vacancy rates are beginning to relax across the state - an indication of first-time buyer activity.

According to REIWA president David Airey, it would not be a surprise if the next quarterly results, which are expected in June, also show a reduction in median rents.

This quarter also saw units, villas and apartments prove particularly popular with buyers. These types of property tend to be favoured by first-time buyers, and over the quarter, the median price increased by approximately $10,000. The median price for apartments, villas and units stood at $425,000 at the end of the March quarter.

Overall, the number of property transactions across the state grew by 12 per cent year on year, rising to 13,200 homes changing hands between January and the end of March. This figure is also up on the 11,600 transactions recorded during the three months ending December 2012.

Real estate turnover rose by 14 per cent across the state during the first three months of the year.