More first home buyers are getting onto the property ladder in Western Australia than anywhere else in the country. The number of first home buyers has soared by an astonishing 31% over the past year, a study by Bankwest revealed.
A total of 19, 949 first home buyers entered the market in 2012/13. This is significantly more than the 15, 205 who made a purchase in the previous 12 months.
Bankwest’s Mark Reid attributed the sudden increase to improving conditions. Western Australia has seen a dramatic increase in the average wage and house prices have remained relatively stable.
The median house price in 2013 was $471, 000. This value was relatively consistent with house values over the previous five years.
In contrast the average wage in Western Australia has increased by 21% over the past five years. The average age of people aged 25-34 was $57, 727 in 2013.
Low interest rates for borrowing will also have contributed to the increase in the number of first home buyers.