FHOC Notes Capital City Property Values Reach Record High

Perth, WA - As capital city dwelling prices rise to their highest values ever, the property market across Australia continues to grow. This time the rise is being driven most strongly by Sydney and Melbourne, while Perth records a more modest and sustainable increase of 1.6% in the last quarter.

Is it a bubble? RP Data spokesman Tim Lawless weighs in.

"Any debate about unsustainable growth in housing markets should be very much focussed on Sydney and Melbourne. Most other capital city housing markets are in fact showing only a modest growth trend.”

With strong property values and sustainable growth in the Perth area, now may be the best time for first time buyers to enter the property market. First Home Owners Centre (FHOC) has helped thousands of home buyers into their first property and offers the following advice.

Budget Well

Before starting on the home buying process any prospective home owner needs to carefully their finances, including their current income, assets and debts, their savings, credit history, and future earnings potential.

Home buyers should not only consider the property price in their calculations, but understand there will be other fees incurred during the process, such as conveyancing fees, inspections, stamp duty, etc. After considering these, a budget can be made for the property purchase, which will determine housing designs, locations and much more.

Learn About Financing

There is significant financial assistance available to homebuyers in Western Australia. The most substantial is the First Home Owners Grant (FHOG) which offers $10,000 to West Australians who build their first home. Stamp duty on first home builds is also waived for land valued at $300,000 or below.

These should be looked into by all WA home buyers as they add up to significant savings.

It’s a good idea for any potential homeowner to also understand the basics about home loans. They should understand the difference between standard variable loans and fixed rate loans. They should also learn about popular features on mortgages such as offset accounts and redraw facilities.

Working with a qualified and experienced mortgage broker will help a great deal, but it’s important for the homeowner themselves to understand the basics.

Use an Expert Builder

A qualified and experienced builder will make a huge difference in the final outcome of the home. Home building is an involved process that requires a variety of tradesmen, coordinating a number of varied tasks over a progressive schedule.

Any builder can build a home but not every builder can do all this well and on time. Home buyers should take their time to find a builder with the experience and qualifications to deliver on the promises they make.

About First Home Owners Centre

FHOC is the First Home Owners division of HIA award winner Aveling Homes, one of Western Australia’s most quality focused building companies. What this means for you is that above all else, quality and affordability is what you will experience when you choose FHOC.

Visit the FHOC website at http://www.fhoc.com.au for more details about our services and available financing options for first time home buyers.

First Home Owners Centre Contact Information:
24/7 Sales Enquiry line: (08) 6144 1088
Email: [email protected]