First home buyers driving WA market recovery as HBAA grants exceed $6 million in 2020-21 financial year

First home buyers are driving the Western Australian market recovery,with data released from the WA Government revealing a near record $6 milliondollars in Home Buyers Assistance Account (HBAA) grants was paid out lastfinancial year.

REIWA President Damian Collins saidit was very pleasing to see that the WA Government had helped more than 3,000West Australians secure their first home during the 2020-21 financial year.

The dream of homeownership 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 themarket, WA is the most affordable place in the country to buy your first home,”Mr Collins said.

The WA Government’s HBAA schemeprovides a grant of up to $2,000 for eligible applicants and distributed atotal of $6.035 million to 3,093 first home buyers in the 2020-21 financialyear, 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 EstateInstitute of Australias Housing Affordability Report supported thesefindings, with March 2021 quarter data showing the number of first home buyersin WA increased 105 per cent over the last year and they accounted for 48.5 percent of all sales in the states owner-occupier market.

WA had the highestportion of first home buyers in its owner-occupier market of any state in thecountry during the March 2021 quarter. Its wonderful that so many WestAustralians were able to move into home ownership during the last year. REIWAcommends the WA Government for helping make home ownership more attainable for firsthome buyers,” Mr Collins said.

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