The residential construction industry has been assisted by growth in the first time home-buyer activity along with the low interest rate.
Home builders are offering some competitive priced housing, and in the last few months things have started to pick up as we see with the display homes traffic which has increased by around 1000 more visitors a week compared to the same period last year.
With the growing concerns of the recession, some homebuyers are investing in the single storey home which is allowing them to lower their debt, rather than building the two storey home.
The Commercial developments throughout Perth have slowed down, but the ones with less financial risk attached to them are still going ahead.
What is happening is there is a big demand for the first home buyer homes, therfore a lot of houses being sold are at this price range therefore bringing down the median house price.
There are also alternative financing options in WA such as the WA Governments Keystart Home Loans which has helped a lot of new home owners get on the property ladder.
Activity in the residential construction is providing jobs at time when needed.
The first homebuyer’s stimulus is moving through two stages this year :
From now until October 1, 2009 $21,000 on a house and land package, or a new house built that has not been lived in.
$14,000 for an established home.
From October 1 until December 31, 2009 the boost will be lowered to :
$14,000 for a house and land package, or a new built house that has not been lived in.
$10,500 for an established home.
From January 1, 2010 is to be confirmed.
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