It has been a cause for concern for the past several months as First Home Buyers in the country accounted for a measly 12.5% of the property market last September 2013 – the lowest since these figures were collected in July 1991. Home affordability has taken a hit for the underperformance of first home buyers, but this has not been true for all states. Western Australia has been performing well since the First Home Owners Grant has been introduced in July 2000.
With the First Home Owners Grant introduced in the state, it only had 1,430 applicants who availed of this concession, and home median price was at $122,000. Fast forward to 2013, the number of applicants for the year rose to 1,840 despite a rise in median prices at $430,000.
The number of applicants has been increasing through each month. The data shows that First Home Buyers in Western Australia have been above the market value, with several months even hitting the 30% mark in market share.
Read more about this on the Property Observer website.