IN WESTERN AUSTRALIA, 2012 WAS THE MOST ACTIVE YEAR FOR FIRST HOME BUYERS SINCE THE FEDERAL GOVERNMENT’S TEMPORARY STIMULUS ENDED IN 2009
Figures published yesterday show that the number of First Home Owner Grants (FHOG) paid in Western Australia increased 28 per cent to 17,171 in 2012.
“Throughout 2011/12 first home buyer momentum drove the recovery of the property market in Perth,” said UDIA (WA) CEO Debra Goostrey.
First home buyers in Western Australia accounted for 33 per cent of all owner occupier dwelling finance in the first 11 months of 2012 compared to the ten year average of 27 per cent.
“Property listings in Perth fell from more than 13,000 to 9,300 over the past twelve months as first home buyers absorbed significant levels of existing dwelling stock,” said Ms Goostrey.
“The latest loan data indicates that the second phase of recovery of the property market is commencing with the return of the middle market.”
Finance figures published this week show that the number of loans to upgraders in November 2012 increased a seasonally adjusted 12.3 per cent compared to 12 months earlier.
“Strong first home buyer activity is giving confidence to those that already own a home that they are likely to be able to sell their existing property,” said Ms Goostrey.
“This confidence has been missing in the market since the Global Financial Crisis.”
According to the Institute’s research, late last year sales of vacant blocks in the $280,000 plus price range in Perth reached its highest level since mid-2007.
Preliminary settlements data show that the median land price in Perth increased 8.3 per cent to $260,000 over the September 2012 quarter.