The Real Estate Insitute of WA's has released the latest quarterly figures. The results show that the median house price rose by more than three per cent from $485,000 to $500,000. At the same time, the number of properties that were sold fell by 400 from the previous quarter.
The market looks like it has slowed down but those that ARE buying are existing homeowners upgrading their properties to more expensive properties, pushing the median house price up. Rental vacancy rates have stagnated as many renters are becoming homeowners. SO what is the effect for a first homebuyer? As people upgrade their properties and interest rates continue to go up, there should be a greater pressure on these upgraders to sell their old house faster. If interest rates continue to go up, first home buyers may start entering in the market to find desperate sellers. That's how I see it anyway... what are your thoughts?
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