Buyer activity in the sub $500,000 price sector unprecedented…. RRE have buyers waiting!

Buyer activity in the sub $500,000 price sector unprecedented…. RRE have buyers waiting! 01/06/2016

With the Reserve Bank of Australia (RBA) reducing the cash rate to a historic 1.75% on their May 3rd meeting, buying your first home has never been more affordable!

11 Orchid Drive, Roleystone

In simple terms, with initial payments on a $500,000 mortgage (based on average bank rates of 3.99% p.a), a new wave of buyers have rolled into the market place creating competition amongst buyers. Former tenants are making the most of the current funding levels and as a result the Real Estate Institute of Western Australia (R.E.I.W.A) March 2016 quarter statistics confirming that over 50% of all Perth real estate transactions in 2016 were under $420,000.

All market indicators affirming the second half of 2016 will see a dramatic increase in buyer activity and ultimately selling prices across all categories.