WA property developers note uptick in inquiries from first-home buyers

Font size :
Property developers in Perth say they’re now flooded with inquiries from first-home buyers eager to buy apartments.

This surge is apparent weeks after the WA government announced a temporary $5,000 boost to the First Home Owner Grant (FHOG). Eligible first-home buyers who enter into a contract between Jan. 1 and Dec. 31 this year to purchase or construct new homes will receive the boost.

The Barnett government has also increased the metropolitan income limit for low-deposit Keystart Home Loans by $20,000. This is enabling more young professionals to move from renting to homeownership.  

Danielle Davison, head of built form at ABN Group’s Parcel Property, said there has been a big increase in inquiries for off-the-plan apartments in inner-city areas after changes to the FHOG.

“On some projects [we’ve had] more than triple the inquiry rate,” she told Perth Now. “Young professionals can now access Keystart loans, and the increase in the grant to purchase their first home in great locations which otherwise would have been out of their price reach, so this is certainly breathing new life into a sluggish market.”

Sven Robertson, sales director for property developer Psaros, said his company also noted increased demand from first-home buyers.

“We have certainly seen a substantial uplift in first-homeowner inquiries,” he said. “It will be interesting to see in the next couple of weeks whether that manifests itself in more purchases.”

Hayden Groves, president of the Real Estate Institute of Western Australia (REIWA), said members had also reported an uptick in activity from buyers.

“If first-homebuyers are being attracted to inner-city apartments, that’s going to help in soaking up some of that stock, which we probably had a bit of an excess of,” he said.
 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords