Suburbs show strong growth

THE lower and middle-priced housing markets have performed well during the past year with many suburbs rising at a faster rate than the overall median house price of 5.4 per cent during the past year.

Suburbs such as Balcatta, Connolly, Doubleview, East Victoria Park, Hilton and Karrinyup have risen by more than 10 per cent during the past year.

Residential Mortgage Services managing director John Bignell said nine of the top 10 performing Perth suburbs during the March quarter were not located in the traditional higher-priced western suburbs.

Mr Bignell said this meant homeowners may have more equity in their home than they realised.

He said that, over the past month, Residential Mortgage Services had recorded a significant rise in the number of homeowners who were considering using the rising equity ratio in their home to purchase an investment property.

“Normally, a homeowner, has to have 15 per cent equity to borrowings in their home before a financial institutions will consider making a second loan,” Mr Bignell said.

“The fact is that many homeowners in Perth have now achieved this equity to debt ratio level as a result of the surge in property values over the past year.

“Investing in property has proven a good long-term secure investment for many Perth people and Perth homeowners should

seriously consider the possibility of taking out a second home loan to buy a investment property based on the growth in their equity of their home.”

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