Nearly 40 Perth suburbs at or under $400,000 have been stated by one real estate group to benefit the most from the new first home savers scheme first outlined in the federal budget.
According to Peter Peard, CEO of the Peard Real Estate Group, the scheme will allow first home buyers to sacrifice up to $15,000 a year of their superannuation fund to save for up to $30,000 for a home deposit.
Mr Peard said, particularly in Perth, the scheme offers first home buyers the opportunity to save quickly.
“Perth is now one of the most affordable real estate markets in Australia and this scheme will make it much easier for first home buyers to enter the established property market,” Mr Peard said.
“It will have its greatest impact on suburbs where the median house price is $400,000 or less because the deposit required to buy a home in these lower priced suburbs is much smaller than more expensive suburbs [in] Perth.
“Buyers in these lower priced suburbs can now quickly save for a home deposit and enter the property market at a much faster rate.”
Data from Peard Real Estate Group indicates there are 39 suburbs in Perth with a median house price of $400,000 or less, which includes Two Rocks in northern Perth at $360,000, Midland in eastern Perth at $369,500 and Warnbro in southern Perth at $336,000.
“These wide range of very competitively priced suburbs in Perth are in contrast to Sydney, where around half of all suburbs have a median house price of at least $1 million,” Mr Peard said.
“First home buyers in Perth, who can quickly utilise this scheme to enter the property market, stand to achieve strong capital gains moving forward when the local property market rebounds.”
Mr Peard also added that the suburbs most likely to achieve these strong capital gains are those that are close to lifestyle attractions, such as beaches and social infrastructure like schools, shops and public transport.
“A good example is the northern coastal suburb of Merriwa which has a median house price of just [$350,000] and where established homes can now be purchased for below replacement costs,” Mr Peard explained.
“These very affordable suburbs will be the first to rebound in Perth when confidence returns to the Perth property market which makes them excellent buying for first home buyers.
“The flip side of this first home buyer savings scheme is that it will encourage more first home buyers to leave the rental market and move into home ownership.”
The 39 affordable suburbs in Perth, according to the Peard Real Estate Group, are:
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