The Australian property market is experiencing a rationalisation of agents due to tighter lending criteria, which is seeing longer listing times and stagnant prices particularly on the east coast, according to the Real Estate Institute of Australia (REIA).
Despite concerns over tax increases for investors, the spike in first home buyers is encouraging
While there are concerns over property tax on foreign residential property investors slowing economic recovery, recent data shows that first home buyers are more active than ever in Perth, WA, after subdued buyer activity.
Sales in Port Hedland rose 18 per cent in the June quarter, while Karratha's median house price increased 7.1 per cent to $300,000, according to new data from Landgate.
“The data for the June quarter 2017 clearly shows an uptick in activity on an annual basis across the board, which is pleasing," said REIWA president, Hayden Groves.
REIWA calls on state government for reforms to stimulate property market
The Real Estate Institute of Western Australia has made a submission to the WA state government ahead of the 2017 budget, calling for a range of reforms to stimulate the WA property market.
The REIWA is proposing the WA state government reintroduce a $3,000 first-home owners grant for purchases of established homes, says Hayden Groves, president of the REIWA.
