After all these months, the Federal Government’s HomeBuilder grants will officially end on 31 March 2021.
The clock is ticking – so if you’re been thinking of building a new home, you’d better hurry if you don’t want to miss out on these monumental savings.
Thankfully, it’s also the right time to do it.
Let’s not beat around the bush – the global pandemic wreaked havoc on the economy. Yet, here we sit in WA today, tucked away in our island within an island, with the economy and property market ticking along nicely.
Thanks to low interest rates, effective COVID policies and the help of government grants, buying and renting in WA is all the rage now.
Let’s have a look at how we compare to our friends in the East.
Buying in Perth
The latest data compares property values in capital cities between March 2020 (around when COVID-19 came storming in like a cyclone) and December 2020.
Sydney and Melbourne really copped it, thanks in part to their longer lockdowns.
Perth on the other hand is thriving. Property values have defied the dire climate by increasing by 1%, with properties taken off the market at a frenzied rate not seen since 2006.
Demand is very strong, listings are down, and values are rising.
And yet, REIWA’s Housing Affordability Report shows even with WA’s stellar performance, we still have the most affordable homes.
That’s three years on a trot now.
Compare that to New South Wales, whose homeowners need to fork out a huge 42.3 per cent of their income on average to meet mortgage repayments – that’s more than 13 per cent than homeowners in WA.
Lucky country? More like the lucky state.
Renting in Perth
Browsing the latest data on reiwa.com makes for essential viewing…
…if you’re thinking of buying in WA for investment purposes, that is.
Rentals are as popular as sunscreen at the beach, with Perth experiencing record low vacancy rates below 1% in December 2020.
Over on the east coast, investors aren’t nearly as lucky. COVID-19 has wreaked havoc on overseas migration, which has weakened unit rental demand and prices. So much so, that Sydney’s vacancy rate sits at a disappointing 3.3%, while Melbourne is faring even worse at 5.4%.
Time to put those investment plans in action?
Don’t leave it to the last minute
WA buyers and investors are in an enviable position to build new homes, with low interest rates, rising property values and ridiculous rental demand (seriously – you should see the home open queues).
By applying for the HomeBuilder grants by March 31, you’ll strike before property values peak and save a huge $25,000 on the price tag.
To take advantage of the $25k HomeBuilder grant, visit The Heights Kardinya.