Stamp duty concessions for first-home buyers, which came into effect on July 1, have boosted home sales by 20 per cent compared with the first week of June 2004, according to Roy Weston CEO Geoff Baldwin.
“Most of this increased buyer activity is occurring in properties priced below $240,000, where first homebuyers are very active,” Mr Baldwin said. “Offices throughout Western Australia have reported a lift in sales, which means there will be a positive flow-on impact for the entire real estate market.
“Very strong activity has been recorded in the regional centres of Bunbury and Geraldton and in parts of the Perth metropolitan area, including Cannington, Warwick, North Perth and Joondalup.
“There are still a significant number of properties for sale in the $160,000 to $240,000 range, which means that many first-home buyers are taking their time to make a final decision on a property.”
Mr Baldwin said growing numbers of first-home buyers in the real estate market would boost sales through the entire market
“Secondary areas which are poised to benefit from the greater activity by first-home buyers include Balcatta and Stirling, which neighbours Warwick, Balga and Girrawheen as well as Duncraig and Kallaroo with borders with Padbury and Craigie,” he said.