More Opportunities For West Australians To Own Their Home
The government kicked off the new financial year by expanding the Home Guarantee Scheme, which includes the First Home Guarantee (formerly known as the First Home Loan Deposit Scheme), and the Family Home Guarantee. Australians now have access to 40,000 new places to help them purchase their own home.
Previously, the First Home Guarantee scheme had only 10,000 places available nationally. Under the expanded scheme, there will be 35,000 places available per financial year. The Family Home Guarantee, which helps single parents purchase a home with a deposit of as little as 2%, will have 5,000 places available each year until the end of June 2025.
Both the First Home and Family Home Guarantee allow borrowers to avoid paying Lenders Mortgage Insurance, which usually applies when borrowing more than 80% of your properties value. With the Home Guarantee Scheme price cap increasing to $600,000 for Perth, West Australians could save up to $30,000 in Lenders Mortgage Insurance costs. The government’s approval of additional lenders to participate in the scheme has also provided borrowers with greater options for securing their finance.
First home buyers in Western Australis can also take advantage of the governments stamp duty waiver. For first home buyers, they can spend up to $430,000 and be exempt from stamp duty. And for a purchase up to $530,000, discounted stamp duty rates apply.
Perth’s median house price was just over $560,000 in July, allowing first home buyers access to the majority of properties on the market, whilst still qualifying for government assistance.
Perth Suburbs Moving Up
Median house sale prices continued to grow during July in Perth, with REIWA data showing 65 suburbs recorded price increases. Brabham was the standout leader for the month, with it’s median house sale price increasing just over 10% to $333,750.
Alkimos took out second place for July, with median prices increasing to $371,250, a jump of 4.6%. At the other end of the coast, Lakelands recorded a 4.1% increase, with prices rising to $385,000.
Banksia Grove experienced a 3.7% increase in July, with median house prices growing to $420,000. North Perth took out fifth place in July, with prices rising 3% to $865,000. Hammond Park, Southern River and Langford also showed strong price growth for the month.
Outlook for Perth
Perth still remains the most affordable capital city in Australia at a median price of $560,000 with only 26.6 percent of earnings going to service our mortgage and well below the national average of 37.3 percent. Sales listings for Perth are 14 percent below the same time last year and 32 percent below the five-year average. Sales volumes remain strong up 52 percent on the five year average.
Along with migration, interstate and overseas, this will keep and provide new demand for both rental and properties for sale in the short to medium term.
What’s Happening at Resolve?
At Resolve Property Solutions, our team is working harder than ever to source and inspect as many suitable properties as possible for our clients. As well as sourcing properties which meet our clients brief and budget, we also search for off-market opportunities where possible to provide more options, and always ensure they are buying the right property at the right price.
Now more then ever it is important to get an accurate and up to date appraisal for your property purchase and avoid over paying.
During the month of July we purchased seven properties for our clients, with over 20% off market or pre market purchases.
If you would like to discuss your property requirements and strategy with our Buyers Agents, book your free consultation here.
We are here to help you on your property journey and ensure you are buying the right property, in the right location for the right price!
Resolve Property Solutions is an independent and qualified Buyer’s Agent specialising in Perth property. We will work hard for you to help you search, negotiate and secure your property goals at the best possible price.
Our story started with the passion for property and the research behind finding the right one.