According to new research, more than 22,000 new housing loans to first home buyers in Western Australia were approved in the ten months between July 2020 and April 2021, nearly double for the same period the year before.
In comparison to New South Wales and Queensland property buyers, WA residents have ranked their housing as affordable. WA first home buyers also took a larger slice of new loan commitments than NSW and Queensland at over 40 per cent for much of the last ten years.
There had also been 16,391 new build HomeBuilder applications in WA compared to 16,266 in NSW and 21,871 in Queensland, and 22,671 WA Building Bonus applications.
Here’s why the residential housing markets are booming in Western Australia:
- The State and Federal Government incentives grants and stamp duty relief
- People returning to WA from interstate and overseas
- Record-low interest rates
- Rental supply shortage
- Debt is currently very cheap
Construction levels are also up in WA, with developers lifting activity for the year ahead nearly close to 50 percent compared with last year.
It’s expected that investor activity will continue to rise given the current rental shortage as WA is considered a relative haven with affordable investment opportunities.
Overall, there is a positive outlook for the WA residential property market next year and beyond.
Are you looking to buy a property in WA?
You can almost access $70,000 to buy your first home in WA with the State and Federal grants. We can assist you with the home application and find out if you qualify for these incentives.