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The increase of the First Home Owner Grant has already generated a positive buzz as buyers flock to build their first home.
The increase applies to contracts secured from January 1 to December 31, 2017, for the purchase or construction of a new home.
Subject to eligibility, first homeowners can apply for a grant of up to $10,000.
After this, they may be eligible for an additional boost payment of $5000.
Before this increase, the grant stopped at $10,000.
Plunkett Homes and Domain by Plunkett group sales manager Jeremy Muir said the grant would deliver an additional demand for housing.
“It will help make building your first home more affordable, meaning more people will be building a new home as a result,” he said.
“First homebuyers in WA really do have one of the best opportunities to build right now, but the window is closing. Land is the most affordable it has been in many years, while the $15,000 grant, combined with some very competitive building prices, means the cost of getting into your first home is the lowest it has been for many years.
“Add in the fact administration and build times are both great at the moment, and things could not be much better for firsthomebuyers.”
Summit Homes Group general manager Metro Tony Harvie said he had already experienced more buoyancy this year via Summit’s new Easystart Homes and New Generation Homes brands, both of which specifically catered to first homebuyers.
“This very welcome news means first homebuyers don’t pay stamp duty on land up to $300,000, or on brand new homes up to $430,000,” he said.
Despite the excitement that the updated grant is bringing to the market, Mr Harvie said it was crucial homebuyers undertook research before signing up for a deal.
The jobs market in the construction industry is also looking more promising , as it inevitably means more homes will be built.
For more information, visit www.finance.wa.gov.
The housing market is abuzz with opportunity, after an increase to the First Home Owners Grant.