August 05, 2020 by Rebecca Crommelin
Is it just us or has Perth suddenly become freezing cold?! But that's okay because we're warming up with the latest Phil's Property Corner segment, brought to you by Phil Bertram from Candour Property Group. Phil takes a look at how the Perth property market and economy is going, as well as some important information around the building grants.
The momentum in Perth’s property market has increased again in the month of July, with sales numbers up 68% from those recorded in April for both dwelling and land sales. This brings sales activity back up to the sorts of levels Perth was experiencing before the COVID restrictions were brought into effect. Perth’s median price reduced by 0.6%, however listings are 25% lower than they were in July 2019. Median rental has also remained steady at $350 per week. PerthNow has written an article going into more detail on the market information which you can find here.
The WA State Government has released a further $2.7 billion stimulus package, bringing the total up to $5.5 billion since the pandemic began. The latest spending targets 21 sectors and many of the initiatives are aimed at incentivising the private sector to create jobs and invest. The aim continues to be to bring forward as many projects as possible during the rebuilding phase of the WA economy, especially as federal programs supporting workers start to reduce in the coming months. The ABC have written a thorough article exploring the details which you can find here.
Commsec has released the July 2020 update of ‘State of the States’, where it measures 8 key indicators against historical results in each of the states. WA is currently ranked 7th of all the states, however there are positive signs around the rate of improvement in the economy. You can find their report here, you can access the full report on WA here.
If you’re looking for information on the building grants (Australian Government HomeBuilder Grant and the Western Australian Building Bonus Grant), the WA Treasury has recently released information and an application form for it. If you’re a First Home buyer you can apply for the two new Grants and the existing First Home Owners Grant when the foundations have been laid. You can find all the information relating to this here and the application form here.
In some cases lenders are allowing purchasers to use some of these funds towards their deposit with the bank. If you’re looking to get access to these grants it is well worth your time checking in with your broker to see what options you have.
If you would like to discuss any of the above and how it applies to you, we are here to help. To arrange for Phil to call you please email him with your name and contact number on phil@candourproperty.com.au and he’ll be in touch.
