Young Western Australian‘s have experienced a significant savings boost due to the lock down measures decreasing their spend on personal shopping, dining out and entertainment.
Home ownership has become more achievable for over a third of millennials according to ING’s Future Focus More with COVID-19’s induced lockdowns causing them to rethink their spending habits and consider taking on a mortgage. The weakened housing market and new gobvenermnt incentives has increased the chances of home ownership for more than a third of millennials to instead jump into the property marproperty market earlier. ING’s Future Focus Homeownership report showed a that due to COVID-19 a third of West Australian millennials will see homeowner ship more achievable.
“Given Perth prices are still the same as they were 13 or 14 years ago, WA is the cheapest State in the country to buy a home in terms of price to income.
If you were thinking of getting into the property market, I’m really struggling to see when there’s been a better time in the last decade when it’s been so cheap. There’s a lot of incentives and interest rates are low.” Said Damian Collins, REIWA president who believes prospective buyers will benefit immensely with low interest rates as low and the Federal and State Government incentives.
This is a brief summary of the article ‘Virus fuels home buy’ by Meilin Chew | The West Australian | Thursday 9th July 2020.