DEMAND FOR WA’S NEW HOME INCENTIVE SOARS

The Western Australian $20,000 new home incentive has been so popular that even Premier Mark McGowan believes he will have to allocate more funds to the $117 million already committed to this scheme.

The influx from east coast buyers is an emerging property trend, with real estate agents across the State noting the extra demand, especially from Melbourne and Sydney.

Mr McGowan told attendees at a recent Property Council luncheon that the demand for the grants had been “beyond our wildest expectations”, to the point where the construction and property sector was “in danger of overheating.” Mr McGowan also said that the established housing market was “still performing relatively well” and the average prices of land “remained relatively stable” despite the outcry for newly built homes.

This is a brief summary of the article ‘Its hitting home – Demand for new houses soars as expats return to WA’ by Peter Law and Kim MacDonald | The West Australian | Saturday 29^th August 2020.