Perth WA — Growth in the Western Australia property market has exceeded all expectations in the last year. At the same time, growth for the next two years looks to track steady with no signs of slowing down.
Using residential building approvals as a measure of volume, the Housing Industry Association’s Economics Group notes that housing starts in WA are up a whopping 28.5 percent over the last fiscal year. This figure must be tempered with the fact that last year around the same time was a trough.
However, the recovery is still quite impressive.
Growth has been driven in large part by construction of detached and semi-detached homes rather than higher density dwellings. At the same time, future growth is projected for the next few years. Housing market growth in Western Australia is forecast to sustain until at least 2015.
What this means for WA homeowners is steady growth and low chance of depreciation in the near term.
Wait or Buy?
With housing growth forecast to remain steady for at least the next two years, it makes sense for Western Australians to buy sooner rather than later, as housing prices are unlikely to drop in the near future. Starting their savings plan as soon as possible and leveraging the variety of finance options out there are just some of the ways Western Australians can purchase their new home sooner.
In addition, the current low interest rates set at 2.5% by the Reserve Bank of Australia make buying a home now more attractive than ever. Low interest rates mean shorter terms or lower monthly payments on mortgages, and let buyers pay off and truly own their home sooner.
Savings are the best option for paying deposit on a home. For Western Australians wishing to buy a home who do not have enough saved up for an initial deposit on a property, there are other options. For home buyers who are financially stable but don’t have enough savings yet, low deposit home loans may be available from their mortgage broker or their builders finance team.
KeyStart Loans are another option available to qualifying home buyers. Supported by the Western Australian government, KeyStart Loans are targeted towards moderate income earners. They require very low deposit and also waive costly Lenders Mortgage Insurance.
Finally, all home buyers should be aware of the grants and concessions available to them from the WA government. Newly passed legislation meant to encourage property developed has raised the First Home Owners Grant to $10,000 for new home buyers.
Additionally, stamp duty concessions on land up to $300,000 mean first time home buyers can save thousands. First time home buyers can get a huge head start on their deposit just by being aware of and applying for these government programs.
About Aveling Homes
Aveling Homes is an award winning home builder based in Perth dedicated to providing exceptional service. Find out more about our display homes and our house and land packages by contacting one of our representatives today.
Visit the Aveling Homes website at http://avelinghomes.com.au for more details about our services and available financing options for first time home buyers.
Aveling Homes Contact Information
24/7 Metro Sales: (08) 6144 1000
24/7 Sth West Sales: 6144 1001
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