Vote Confidence - The Case for Confidence

The case for confidence. Check out this great site showing the positive attitude currently in WA!

Life's pretty good over here in W.A. While the rest of the world is running around like a bunch of headless chooks caught up in recession fever, West Australians are busy getting on with the job of making this state a top-notch place to live.

Everywhere you turn, you'll find confidence. It's in the people. It's in the economy. And no, that's not lavender in the air, that's confidence and a can-do attitude.

In the last few months, surveys have shown that consumer confidence is back to where it was before the global economy went kerplunk. Just take a look at how we're spending our hard-earned cash. Between April and May 2009, retail purchases were up 3.4%* and car sales up 3%*. And according to 59%** of people surveyed, current buying conditions are positive. In fact, property developers are planning on expanding retail businesses over the next five years***. Not bad considering we're supposed to be in the midst of a global financial thingamaggiga.

The mining sector is on the rebound too. Billions of dollars have been invested into major oil and gas operations, including the massive Gorgon gas project that's just been given the green light. So it comes as no surprise that W.A. employers have the highest rate of confidence in Australia. Even one in five international businesspeople**** believe there's nowhere better to be living right now, than right here.

But it's nothing West Australians didn't already know. We're already busy buying up houses and homes in preparation for a brighter future. Real estate sales have jumped by 23%*****, and home loan approvals have skyrocketed by 30.8%* in the last year. That's what happens when 56%** of West Australians reckon our economy will go from strength to strength in the next 12 months.

References:
*Chamber of Commerce and Industry - "Economic Trends"; 9 July 2009
**Curtin Business School - "CCI Survey of Consumer Confidence; June quarter 2009
***Press Release - "Development survey shows long-term confidence in WA retail property"; 19 December 2008
****Press Release - "Nowhere better than Australia to ride out crisis: survey"
*****Press Release - "Real estate is safe as houses for investors";8 July 2009

First Home Owner Grant (FHOG) and Stamp Duty

FHOG
In Western Australia, the government has made a grant available to first home owners of $7,000 to put towards the cost of their first house.

As a permanent resident visa holder you too will be eligible for this grant when you buy your first home in Australia.

Even better news is that if you buy (or build) your house before 31st December 2009 you will also be eligible for the First Home Owners Grant Boost, which is in addition to the WA Government funded $7,000 First Home Owner Grant.

If your contract is made before 30th September 2009, this is:

• an additional $7,000 if you are buying an established house or;
  
• an additional $14,000 if you are buliding or buying a new house.

Or if your contract is made after 30th September 2009 and before 31st December 2009, this is:

• an additional $3,500 if you are buying an established house or;
  
• an additional $7,000 if you are buliding or buying a new house.

You can find out more about this at the Government of Western Australia, Department of Treasury and Finance

Stamp Duty
In addition to this grant if you are a first home owner you may also be eligible for no or reduced stamp duty on your property purchase. Currently, if the property is bought for under $500,000 there will be no stamp duty to pay. Further details are available here.

In addition to these incentives you may also be eligible for the

Home Buyers Assistance Account
The Home Buyers Assistance Account is established under the Real Estate and Business Agents Act 1978 to provide first home buyers with financial support.

The scheme provides a grant of up to $2,000 for the incidental expenses of first home buyers when they purchase an established or partially built home through a licensed real estate agent for a purchase price of $400,000 or less.

Again for more details of this and your eligibility see here.

All in all as a first home buyer in Western Australia you get a pretty good deal.

If you have any specific real estate questions please feel free to contact John (john@ozhouserental.com) as he is a real estate agent in Rockingham and can help you out.