Archive for New Homes

Established property purchases increase 20 per cent in WA first home buyer market

25 February 2019

More first home buyers are choosing to buy established properties rather than build new, according to analysis which shows the number of first home buyers in WA purchasing established properties increased 20 per cent between the December 2017 and 2018 quarters.
REIWA President Damian Collins said WA first home buyer preferences had shifted back towards established properties, despite the First Home Owner Grant only being in place for those who choose to purchase new builds.

“As it currently stands, the WA First Home Owner Grant unfairly penalises buyers wanting to purchase established properties by only providing assistance to those who choose to build. Initially, this had the effect of skewing first home buyer preferences towards new builds, but it appears more first home buyers are choosing to forgo the grant in favour of purchasing an existing property in an established suburb.

“It’s not fair that so many first home buyers are missing out on the grant, simply because they don’t want to build a new home. Or even worse, it means some first home buyers who want an established property are unable to enter the market. Housing affordability remains a significant hurdle for many West Australians and we should be encouraging and incentivising all first home buyers to enter the market, not just those who choose to build their first home,” Mr Collins said.

REIWA advocates for the reintroduction of a First Home Owner Grant for eligible first home buyers who purchase an established residential dwelling.

“Increasing the demand for established housing will have a knock-on effect to other areas of the market. This would allow more WA households to right size into accommodation that suits their changing needs, resulting in more transfer duty revenue for the state,” Mr Collins said.

“First home buyers have consistently shown they prefer to buy established homes. The WA Government should respect the preferences of first home buyers by not discriminating between established and new build properties, enabling more West Australians to make the dream of home ownership a reality.”

View more information about REIWA’s stance on the First Home Owner Grant.

First Home Owners Grant increases to $15,000

03 January 2017

First home buyers purchasing newly built properties will now have access to a $15,000 First Home Owners Grant until 31 December 2017.

Announced last week, Premier Colin Barnett said the decision to increase the grant from $10,000 to $15,000 would help first home buyers enter the property market, stimulate construction in WA’s housing market and provide around 2,000 new jobs.

“We are conscious about housing affordability and this boost will provide more families an opportunity to get into the housing market,” Mr Barnett said.

Speaking to ABC Online last week, REIWA President Hayden Groves said he was worried the increase to the grant would be a detriment to the property market and would like to see the same incentive given to first home buyers purchasing existing homes.

“As an Institute we’re a little concerned that the gap between established property and new property for first home buyers is getting larger,” Mr Groves said.

As with the existing grant, the boost payment applies to new homes up to the value of $750,000 (or up to one million dollars if the home is located north of the 26th parallel).

Perth’s median house price increases again

Perth’s median house price increased by nearly two per cent in the three months to December 2016.

REIWA President Hayden Groves said data showed the median house price had lifted 1.9 per cent to $535,000 over the three month period.

“This is the second month in a row that we’ve seen an increase in the median house price, which is a welcome trend and suggests that the trade-up sector of the market is recovering.

“Since the second half of 2016, we’ve seen prices across the metro area start to lift on a monthly basis. If you’re a buyer waiting for the ‘bottom of the market’, you would be wise to make a buying decision soon should this trend continue.

“The benefit of buying now is that there is currently less competition from other buyers, so you’re more likely to find a home or investment property that genuinely meets your needs,” Mr Groves said.

Listings for sale in Perth experienced an 11 per cent decline in December, with 13,883 listings recorded in the metro area.

“It’s not unusual for listing volumes to drop off in December as the market tends to be quieter over the festive period. More significantly though, listings in December 2016 were three per cent lower than in December 2015 which is a good indication that we’ve seen supply peak,” Mr Groves said.

Perth rental market
In line with seasonal trends, leasing activity in Perth’s rental market moderated slightly in December, dropping back two per cent over the month. However, when compared to December 2015, activity has escalated by a noteworthy 27 per cent.

“We expect to see a slowdown in leasing activity across the month as people prepare for the holidays, so a two per cent drop isn’t a concern. The hike in the number of properties leased on an annual basis however is very pleasing and there’s been a significant increase compared to the same time in December 2015.

“Despite listings for rent remaining above the long term average, tenants are still very active in the market and recognise they have good choice to secure a home at a competitive price,” Mr Groves said.

Another positive sign for the Perth rental market is that the median house and unit prices remained steady over the three months to December 2016, holding at $380 and $340 per week respectively.

For more information about your local property market, visit the WA market section.

But wait, there’s more! My 3 favourite Home Builders:

Paul Basso builds the most beautiful Seacrest Homes, Broadway, Ideal Homes and Affordable Homes.

He can offer a variety of prices to build your home according to your budget.

He is good at what he does, he provides assistance to all his contractors, he really cares for the person he is building a house for, and he is always reliable, professional and a great client.

I recommend Paul to build a home for you.

Roy Duric is a small builder that you can trust.

Roy can not only build a full house for you, but he takes on renovations too.

He can build a house from scratch but he can also put in a new bathroom, demolish a wall or change your house configuration.

He is professional, reliable, trustworthy and reasonable.

Dan White from Dam Mar Constructions

I always thought Dan can make anyone happy with his building talents.

He builds big or small to satisfy all types of clients and their desires.

He provides good quality, he is reliable, professional and trustworthy.

I would love to recommend Dan to build your home

P.S. In my Business Directory you can find all my “helpers”

Another great house in demolition stage in Sorrento.

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Another great house in demolition stage now in Sorrento. I am sure another fantastic home will be built in its place.

Sorrento is changing. Owners are demolishing their homes to build new ones as they cannot find a better place to live than here. With the high cost of renovations, sometimes the best way to get exactly what you want is start from scratch.

I live in Sorrento and walk every morning from my house to the Surf Club. I can see on my walk what is happening in the streets I go by. The old homes have been replaced by brand new modern structures and clean designs, obviously high ceilings and very trendy features. I also drive along other streets in Sorrento and have been noticing all of the changes.

That means the residents don’t want to leave the suburb, they want to keep living in it. And why would;t they? We’re close to the pristine beaches of the West Coast, a scenic drive if it’s too hot to walk, the Marina has undergone so many changes in the time I have lived here, it’s a real hive of activity; or if you’re after something quiet there are a few lovely coastal cafes where you can take in the vista and have a smoothie or a coffee. We live in paradise!

There are very few blocks available for sale here. Act now and buy one so you don’t miss out. There isn’t much land available!