More first home buyers entering WA market

THE number of first home buyers in Western Australia has soared 31 per cent in the past year, research from Bankwest shows.

The Bankwest first time buyer deposit report, released on Thursday, showed 19,949 people entered WA's housing market during 2012/13, compared to 15,205 in the previous financial year.

There were more first home buyers in WA in the past year than in any other state in Australia, the report found.

Bankwest executive general manager for retail Mark Reid said strong wage growth and relatively consistent house prices had made WA attractive to first home buyers.

Over five years, house prices in WA had plateaued, taking the median house price to $471,000 in 2013, Bankwest said.

In contrast, wages had increased by 21 per cent over that five year period, bringing the average wage for people aged 25-34 to $57,727.

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