Policy is Helping WA’s Housing Recovery
The housing market is bouncing back big time in Western Australia, with first-home buyer activity at its highest level in almost three years. Real Estate Institute of WA President, David Airey, says that the strength of the first-home buyer market was largely due to current policy settings and called on the State Government not to change them. He said low and stable interest rates and rising rents were also helping the market.
Removing stamp duty from first homes bought for under $500,000 was a great incentive, Mr Airey said, and added that the current first-home median price is about $400,000. Bank lending figures also show that home loan approvals in Western Australia are up around 18 per cent on last year, also helping to stimulate the market. Young buyers are recognising that the gap between rent payments and mortgage payments is getting smaller.