Concerns for First Homebuyers in the property sector have been revolving in the past several months, after this sector dropped to 12.5% of the buyer’s market.
Western Australia has a surprising response for those concerns as the First Homebuyers in the area comprise 70% of the top 20 suburbs via the First Home Owners Grant. For the past 3 years, this has tripled from 780 to 2,043 in 2013. The construction sector also has their hands full as the scramble to meet the demands for property. New home construction has jumped from 120,000 to 134,325 since June.
Despite the underperformance of First homebuyers in general, this is great news as this only goes to show that property performance varies from state to state. First Homebuyers may still be performing in your state depending on the factors.
Read more about this on the Australian Property Investor website.