A Promising 2017
Many of Perth’s leading property groups, including the Property Council of Australia WA, Moody’s Investor Services, and the CoreLogic Hedonic Home Value Index, have reached the general consensus that Perth’s property market is likely to experience a slow, but steady growth over the course of 2017. This has come after dwelling values improved by 0.2% in Perth for the month of January.
It’s expected that buyers still have leverage in the Perth market in 2017, as listing numbers remain high, while long selling times and high rates of discounting are still creating opportunities for savvy buyers who are willing to do their research.
Housing Affordability in Perth
Moody’s Investor Services’ recent findings show that housing affordability has improved in Perth over the last year, despite the continued strain in Australia’s other capital cities. During the 12 month period that ended on 31 March 2016, Australians spent an average of 27.6 percent of their income on mortgage repayments. This is up from 27 percent over the previous 12 months. However, Perth was able to move away from this trend with housing affordability improving from 22.6 percent to 21.5 percent in Western Australia’s capital city.
A Temporary Boost to the FHOG in 2017
As an extra incentive to buyers who are interested in the Perth market, the Government announced a temporary boost to the First Home Owners Grant (FHOG) to eligible first home buyers. This increase means buyers who enter into a contract between 1 January and 31 December 2017 may be eligible to receive a grant of $15,000 towards their purchase or legal fees.
This boost is available to first home buyers who are looking to purchase or construct a new home, and owner builders who start to lay the foundations of their home over the course of 2017.
More information on the First Home Owners Grant can be found in the Government of Western Australia’s Department of Finance Office of State Revenues’ FHOG information package.
With Perth’s property market continuing to grow, while providing affordable home ownership options to buyers from across Western Australia, 2017 is shaping up to be the ideal year to buy property in Perth.
If you’re looking at increasing your property portfolio or maximising your current property’s rental return, From our centrally located base of Leederville, HERE Property assists investors throughout Perth’s Urban fringe, from Subiaco to Mount Lawley. The qualified team at HERE Property will go above and beyond to make your investment dreams a reality.
