Perth Property Market Boom | How Extended Families Are Helping First-Home Buyers Enter the Market
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What is the main topic of the Perth property market boom?
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Good morning, Craig. Thanks for having me. Yeah, so we've seen a bit of a shift in the Perth market with really strong results in suburbs that we've never seen hit those prices before. I guess we're seeing a lot of suburb records in a lot of these areas and it's purely based on the property itself. So people are putting more emphasis into the actual property rather than the area. Generally, they're coming in from looking at more expensive close by suburbs and considering, well, this property ticks all our boxes. It's not an area that I've previously considered, but certainly prefer this and it's the right price point too.
Yeah, because the buyers, they're now paying millions of dollars in areas like Palmyra and Trigg, previously considered fringe. So it's ever-changing.
Absolutely, yeah. So Trigg's always been a sort of a higher-level price suburb, coastal, but we saw a recent sort of sale there for $6 million yesterday. And that wasn't even oceanfront. So people are paying premium for a good quality house and somewhere that's close to the beach with ocean glimpses.
And this gentrification, which seems to be the buzzword at the moment, it really is shifting the urban fabric, raising questions about identity and accessibility, of course, because people are being moved on. gentrification happens, gets a little bit more expensive, people have to go even more smaller into some of these areas that they wouldn't otherwise consider, which is obviously a little bit of a downsize for people that can't afford to live in those areas.
Yes, correct. So it has a twofold effect. Some people trying to buy in the area are getting priced out, but then others from joining suburbs with more budget coming in and pushing up those prices. The good thing for the area, though, I think, is seeing some bigger price points gives people more confidence in investing in the area. So, you know, seeing quite a big sale in a particular area and then people saying, well, you know, I might build a house here because there is now evidence of a higher price sale, which also pushes up land prices as well, of course.
You say that you've been listeners for the last 12 months. Your property journey story is a unique one. You got back, you say, about a year ago after travelling around Europe for two years and found each other while working in a bar in London. You hatched a plan, you say, to save as much euro money so that you could put it towards a house to start a family. You thought that you had two years of savings left until something happened. Steve won lotto. No, not quite, but almost. Steve's auntie gifted you $100,000 to get you into your property now. And that is such a great positive energy story. Why don't we hear more stories like that from relatives who help out first home buyers if they've got the money to do so?
I'll bet you anything that Steve's auntie, when you have that house warming, will probably have the biggest smile across her face. You would have no doubt had the parents contributing, but not so much in the wider family.
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