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The WA’s recently announced election promise to change the First Home Buyers Grant is already having an effect on the Perth property market, according to HTW’s February 2017 update.
The valuation firm says various builders and unit developers have already reported a significant increase in buyer enquiry since the announcement of changes to the grant and this is likely to kickstart a very subdued construction industry.
But the more important effect is likely to be the ability for unit developers to shift more affordable inner city units that have been sitting vacant post construction, the firm argues.
“The grant does not apply to vacant land, hence developers specialising in off the plan products or spec built houses are likely to be the large winners.
“Given the choice of a house and land package 30 kilometres from the CBD or a two-bedroom inner city apartment for the same price, buyers are likely to head to the city in larger numbers than usual – use the grant and buy a product that is built, ready to move into.”
But HTW cautions the that incentives and rebates are likely to be rife, whether it be furniture packages, vouchers, holidays or the like.
“We would always prefer to see price being the incentive – it makes for a much cleaner, more transparent market place for all.
“The negative effect of the grant will be the established, traditional first home owner suburbs.
 “These areas will face stiff competition from new developers who have the ability to offer attractive incentives to first home buyers.”
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-wa-perth-124482666" target="_blank">12A/5 Smith Street</a>, Perth (above) has been listed for $335,000.
Similarly a one bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-wa-perth-124490118" target="_blank">11/273 Beaufort Street</a>, Perth (below) has been listed for $429,000.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/24/11_273%20Beaufort%20Street.jpg" alt="">
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