First Home Buyers Buoy WA Market
First home buyers are accounting for 30 percent of all sales in the WA market, data from the Real Estate Institute of Western Australia shows.
The result comes on the back of more affordable and stable property prices which are making it more viable for young buyers to take up their first mortgage.
REIWA president David Airey said reasonably stable prices and low interest rates over nine months have resulted in overall turnover picking up by almost 20 percent compared with the same time last year. “Investors still seem hesitant to return, but there are signs of this starting to turn around as rental yields improve on the back of rising rents, low interest rates and stable prices," he said.
Meanwhile, the Real Estate Institute of Victoria said first home buyers in that state will benefitting from new stamp duty concessions if their settlement is due to fall after January 1.