Hon Ben Wyatt LLB MSc MLA

Hon Ben Wyatt LLB MSc MLA

Treasurer; Minister for Finance; Aboriginal Affairs; Lands

    First home buyers continue to take advantage of generous Government support

    15/12/2020 4:05 PM
     
    • ​The number of First Home Owner Grant applications rose 157 per cent in November 2020, relative to a year earlier
    • Highest number of First Home Owner Grant applications since 2009
    • McGowan Government's Building Bonus combined with other government support continues to drive surge in housing market activity
    • More Western Australians accessing Keystart loans to enter the housing market

    First Home Owner Grant (FHOG) data for November collected by the Department of Finance shows that the number of FHOG applications were 157 per cent higher in November 2020, than a year earlier. 

     

    A total of 1,322 FHOG applications were received in November, slightly lower than October, although applications for the past two months have been at their highest level since 2009.

     

    In annual terms, the number of FHOG applications is 50.6 per cent higher in the year to November.

     

    The strong result reflects the strong level of activity in the housing market, following the announcement of the $20,000 Building Bonus grant in early June.

     

    The top five locations for FHOG applications for the year-to-date were Piara Waters, Baldivis, Brabham, Alkimos and Hammond Park, which accounted for 9.7 per cent of all FHOG applications.

     

    First home buyers can benefit from up to $69,440 in government support measures, with around two thirds of the support from the State Government, including the Building Bonus, First Home Owner Grant and a stamp duty exemption for first home buyers.  

     

    More Western Australians are also utilising the State Government's lending agency, Keystart, to gain access to the WA housing market.

     

    A total of 553 applications for loans were received by Keystart in November, down from the multi-decade high of 763 in July, but still almost 50 per cent higher than the average monthly applications received in 2019-20.

     

    The McGowan Government's Building Bonus is expected to deliver some $212 million in support to residential construction activity and enable more Western Australians to own their own home.

     

    It has underpinned a surge in activity and renewed confidence in the housing market more broadly.

     

    Building approvals were 96.3 per cent higher in October than a year earlier, the fastest year-on-year growth since early 2013. Housing sales in the established market in November are at their highest level in more than six years.

     

    Comments attributed to Treasurer Ben Wyatt:

     

    "The FHOG and Keystart data highlights the success of the McGowan Government's Building Bonus grant and other support measures.

     

    "Not only has the Building Bonus secured a pipeline of work and protected the jobs of 65,000 workers in the residential construction sector, it has created a boom in housing market activity.

     

    "The Building Bonus was one of hundreds of measures in the WA Recovery Plan designed to keep Western Australians safe and strong through the pandemic and ensure our economy recovers stronger than ever."

     

    Treasurer's office - 6552 5900