The Real Estate Institute of Western Australia's president David Airey has called to attention some key points to be addressed in the upcoming state budget. One of the major issues he wants to address is the state's First Home Owner Grants (FHOG), which saw changes in 2013 and he believes are locking buyers out of the market.
This could be great news for first time buyers hoping to secure real estate in Bunbury, making it easier for them to secure the government assistance needed to boost their property chances.
In 2013, the FHOG's were changed from $7,000 for all applicants to only $3,000 for those buying established property. However, those purchasing newly constructed homes were entitled to $10,000. This was originally instated to help boost building figures nationwide and increase the overall housing supply.
"This imbalance has skewed many first time buyers to new-builds and as a result this demographic is not soaking up as much of the existing stock as has traditionally been the case," said Mr Airey in a 4 March statement.
He said the FHOG needs to be revisited by the state government in order to encourage more buyers back into the established property market, with the current system making things more complicated in the long term.