Western Australia’s budget brings 500 affordable homes to the state
Any first home buyers interested in purchasing a home for sale in Western Australia (WA) will be happy to hear that the Liberal National Government has dedicated over $130 million towards building 500 affordable homes in the state over the next three years.
Housing minister Bill Marmion said in an August 10 statement that the initiative was designed as an innovative approach to affordable housing using existing government resources.
"The funding was an election promise – and we have delivered on that promise. We have already provided more than 10,000 new affordable homes, and this extra money means we will reach and exceed our target of 20,000 homes much quicker than projected," said Mr Marmion.
"It means more Western Australians on lower incomes will be able to afford to buy their own house."
The new homes will be built on Department of Housing (DoH) blocks that are currently vacant, or only have one property on them, with 50 per cent of the houses being sold under the State Government's Shared Equity program, Keystart.
The Keystart initiative was started back in 2011, and gives single people with an income under $70,000 and couples with an income of less than $90,000 the opportunity to purchase properties from the DoH.
The other 50 per cent of the homes will be sold on the open market, providing an investment opportunity for anyone looking into houses for sale in WA.
"These initiatives continue our record of working to help West Australians buy their own home – through an innovative mix of programs, including shared equity; easy to get Keystart loans; and simply building and selling homes below the market rate," said Mr Marmion.
Furthermore, the State Budget also increased the First Home Buyers grant, which grew from $7,000 to $10,000 for anyone looking into building a new home in the western state.
This move has been praised by the Housing Industry Association, with acting executive director John Gelavis stating that these initiatives will help to incentivise new home construction and stimulate the economy.
"Increasing the amount for new home construction to $10’000 commencing on the 15th September 2013 as part of the State Housing Supply Package will immediately stimulate new housing construction and provide the required economic boost for the state," said Mr Gelavis in an August 8 statement.
Getting in contact with a real estate professional in the area could be your ticket to successfully securing yourself a home in WA in the near future.