Despite concerns over tax increases for investors, the spike in first home buyers is encouraging
While there are concerns over property tax on foreign residential property investors slowing economic recovery, recent data shows that first home buyers are more active than ever in Perth, WA, after subdued buyer activity.
“The data for the June quarter 2017 clearly shows an uptick in activity on an annual basis across the board, which is pleasing," said REIWA president, Hayden Groves.
REIWA calls on state government for reforms to stimulate property market
The Real Estate Institute of Western Australia has made a submission to the WA state government ahead of the 2017 budget, calling for a range of reforms to stimulate the WA property market.
The REIWA is proposing the WA state government reintroduce a $3,000 first-home owners grant for purchases of established homes, says Hayden Groves, president of the REIWA.
It takes around 70 days to sell a property by private treaty in Perth, says Hayden Groves, president of the REIWA, but sellers who go to auction are achieving sales in as few as 28 days.