Perth, WA -- (SBWIRE) -- 11/12/2013 -- Home building activity has picked up across Australia, spurred by low interest rates and generous government policies as well as a resurge in economic activity. According to the HIA New Home Sales report , seasonally-adjusted sales of detached property are up significantly across the country.
“There is clear upward momentum in detached house sales which grew by 3.7 per cent in the September 2013 quarter to be up by 25.2 per cent when compared with the same quarter last year,” says HIA’s Chief Economist Harvey Dale.
He also noted that the trend seems to be tilting from multi-unit to single family dwellings, “Sales of multi-units fell by 5.7 per cent in the quarter and were largely flat compared with the same period in 2012.”
The growth in the property market has been driven in part by macroeconomic factors, but leading Perth home builder Aveling Homes notes recent government policies are making it a particularly attractive time to build a home in Western Australia.
Low Interest Rates
The Reserve Bank of Australia has been cutting interest rates for a year now and the effect is obvious as property sales have risen steadily. Low interest rates mean lower monthly mortgage payments, and makes buying a new home more affordable.
Lower official interest rates also mean lenders are more willing to approve mortgages and cut better deals for borrowers. Home buyers now can look forward to shorter loan terms, and lower mortgage payments than ever on the same balance. Many lenders are now also offering low deposit loans, making it easier for more Australians to get into a new home.
Grants and Concessions
The WA government recently approved an increase in the First Home Owners Grant in September, raising the grant to $10,000 for Australians who build a new home, while simultaneously decreasing the grant amount to $3,000 for those who buy established.
This has made it much more attractive to build a home in WA going forward and the numbers are showing it.
At the same time, the WA government is waiving stamp duty on land valued at $300,000 or below, saving new home buyers thousands and making buying a new home that much more affordable. Since stamp duty on new homes is paid only on the land, this adds up to significant savings.
Keystart Loans
KeyStart loans are an exclusive government supported loan program that allows moderate income earners in Western Australia to obtain low deposit home loans with favourable terms. KeyStart loans not only feature low interest rates but they require as little as 2% deposit and completely waive Lenders Mortgage Insurance, which would otherwise have cost thousands of dollars.
With the economy recovering nicely and encouraging government policies, it’s no wonder home sales in WA are moving along briskly. Prospective WA home buyers would do well to buy a new home now from a respectable Perth Home builder and make an investment in their future.
About Aveling Homes
Aveling Homes is an award winning home builder based in Perth dedicated to providing exceptional service. Find out more about our display homes and our house and land packages by contacting one of our representatives today.
Visit the Aveling Homes website at http://avelinghomes.com.au for more details about our services and available financing options for first time home buyers.
Aveling Homes Contact Information
24/7 Metro Sales: (08) 6144 1000
24/7 Sth West Sales: 9795 3444