At Purely Finance, our mortgage brokers have helped a lot of people find home loans in the Greater Perth area. We keep a close eye on industry trends and pass on information we feel is important.
A recent article by Cameron Kusher, Senior Research Analyst of RP Data, produced some statistics that agree with what we have seen in the Perth market, but put them together in a neat package for us. We would like to share some of those statistics with you and then tell you what they mean to you as a prospective home buyer.
The Numbers: Sales in the Combined Capital Cities
RP Data took a look at the prices of homes being sold in the Capital Cities over the last year and compared some of the statistics to other years. The main take was that 68.8% of all properties sold in the Capital Cities in the last year were sold for less than $600,000. For the previous year, that number was 72.1%.
At the lower end of the scale, 5.0% of all properties sold in the Capital Cities cost less than $200,000, which was up from 4.0% the previous year. From $200,000 to $400,000, the figure was 29.9% compared to 33.6% last year. From $400,000 to $600,000, the number was 33.9% compared to 34.5% last year.
In the higher brackets, properties from $600,000 to $800,000 sold 15.8% compared to 14.2% last year. The number for houses between $800,000 and $1 million was 6.9% vs 6.1% last year. Houses from $1 million to $2 million came in at 7.1% compared to 6.2% last year. 1.5% of the houses sold this year were over $2 million, compared to 1.4% last year.
Through the Years
RP Data analysed sales under $400,000 since 1995 and found, predictably, a significant decline. In the same period of 1995, 95.4% of all homes sold in Capital Cities were less than $400,000. Sydney had the biggest decline for this year’s number, with 25.1% under $400,000. Perth was not too far behind with 27.1% under $400,000.
Call Purely Finance
Whatever your price point, our expert mortgage brokers can help you find a home loan for your Perth area home. Call (08) 9472 9766 for more information.