Why Bankwest Says Perth is the Best Place for First Home Buyers

16 May 2017
Why Bankwest Says Perth is the Best Place for First Home Buyers

Since we started, we have been proud of developing house and land packages for first home buyers in the Perth area at affordable prices. Even when so-called “experts” polluted the media with messages of gloom and doom for first home buyers, we new that we could help young families get into their first homes.

Finally, the “experts” appear to be getting the message. According to a recent national study by Bank West, Perth is now the most accessible capital city for first home buyers. That is because the amount of time it takes the average family to save for a deposit on their first home has remained stable in Perth, where it takes 3.8 years to save for a 20% deposit of $101,300. This makes Perth the only capital city where the time it takes to save for deposit is not rising.

Meanwhile, when Regional Western Australia is figured in, the average first home buyer in Western Australia would have to save for 3.5 years to make a deposit their first home. This is slightly down from last year's number of 3.6 years.

For comparison, It would take a couple in Sydney 8.4 years to save a deposit of $214,600 on their first home.

So Where are the First Home Buyers?

Despite the relative ease for first home buyers in Perth, the number of first home buyers in Western Australia is down 14.1% from last year. According to the study, this is because rental prices have gone down 8.1%. Consequently, many would be first home buyers are choosing to stay in rental properties while they save their money.

Origin Projects has House and Land Packages in the Perth Area

As you may know, the First Home Owners Grant can no longer be used for established properties. This is also seen as a reason why first home buyers numbers have decreased. The good news is that the $10,000 First Home Owners Grant is available for those who choose to build a new home.

In addition, those who build between now and 30th June, 2017 are eligible for an extra $5,000 boost payment for a total of $15,000 in grants. First home buyers are also eligible for First Home Owners Rate of Duty which provides a tremendous discount in stamp tax duty for those building their first homes.

To learn more, call Origin Projects today: (08) 6500 4488.

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