First home buyers driving WA market recovery as HBAA grants exceed $6 million in 2020-21 financial year
12th August, 2021
First home buyers are driving the Western Australian market recovery, with data released from the WA Government revealing a near record $6 million dollars in Home Buyers Assistance Account (HBAA) grants was paid out last financial year.
REIWA President Damian Collins said it was very pleasing to see that the WA Government had helped more than 3,000 West Australians secure their first home during the 2020-21 financial year.
“The dream of home ownership is still alive and well in WA. While in many parts of Australia, particularly the east coast, first home buyers are being priced out of the market, WA is the most affordable place in the country to buy your first home,” Mr Collins said.
The WA Government’s HBAA scheme provides a grant of up to $2,000 for eligible applicants and distributed a total of $6.035 million to 3,093 first home buyers in the 2020-21 financial year, which is close to the record of $6.3 million handed out in 2012-13.
First home buyers increase 105 per cent in WA
The Real Estate Institute of Australia’s Housing Affordability Report supported these findings, with March 2021 quarter data showing the number of first home buyers in WA increased 105 per cent over the last year and they accounted for 48.5 per cent of all sales in the state’s owner-occupier market.
“WA had the highest portion of first home buyers in its owner-occupier market of any state in the country during the March 2021 quarter. It’s wonderful that so many West Australians were able to move into home ownership during the last year. REIWA commends the WA Government for helping make home ownership more attainable for first home buyers,” Mr Collins said.
Sourced from REIWA