With the Federal Government’s First Home Loan Deposit Scheme commencing in January 2020, 10,000 first-home buyers will be able to borrow up to 95 per cent of a property’s value without paying the traditional Lenders Mortgage Insurance. There are positive signs continuing to emerge for a general economic recovery in WA, with some improvement in labour market conditions. Now attention must turn to the State’s economic recovery: The WA Economic Outlook is a summary of the Deloitte Access Economics Business Outlook publication with a specific focus on the Western Australian economy, Matt leads the Deloitte Access Economic practice in Western Australia. Overall, WA will remain one of the most affordable places for home ownership in the country in the new year. Liability limited by a scheme approved under Professional Standards Legislation. But with expectations of a balancing-out of supply and demand in the market, in December … The OECD has estimated that real global GDP … We expect that focus will remain on the understanding and disclosure of all discretionary expenditure although all lenders vary in their approach. Ensuring we have enough skilled trades and apprentices coming through when confidence returns and we’re building at more sustainable levels is one of the emerging issues in the new year. Buyers are becoming increasingly savvy, and their apartment selection process is becoming more sophisticated. With interest rates so low many tenants will start to buy, as it is now cheaper to buy than rent. Damian Collins Please see About Deloitte to learn more about our global network of member firms. These buyers typically have no children living at home, and are looking for the safety, convenience and social opportunities apartment living offers. Master Builders expects conditions to remain flat in the months ahead but with a subdued recovery over 2020. Key risks This is a normal part of all market cycles, and after a period of lower prices they start to increase again at some point. A recent report from the Housing Industry Forecasting Group (HIFG), of which UDIA is a member, reinforced our expectations, predicting that dwelling commencements will remain flat for the next year, with a moderate lift in 2020-21 off the back of a range of more positive indicators, including increases to the Keystart income limits earlier in the year and reasonable signs of recovery in the state’s economy. On the downside, demand for energy has tumbled around the world and this will hit WA’s $35bn gas export sector. The outlook for business investment in Western Australia hinges on a sustained recovery in the global economy from the COVID-19 pandemic. RBA reveals economic outlook for 2021 The central bank has revealed its latest stance on interest rates and set out its economic predictions for the coming year. Date; Time; RSVP; Event Detail. On the production side, business confidence—despite improving from Q2—remained entrenched in pessimistic territory. It now expects Australia’s economy to contract by 3.8 per cent in 2020, previously 4.1 per cent. Living standards are good but socio-economic challenges remain, especially for more vulnerable groups with high risk of poverty. The big disruption for the housing market in 2019 was adjusting to a post-Royal Commission operating environment, but the industry and consumers understand the “new normal” now and so feel more certain about what is required when seeking finance. We are also amid record low interest rates that are predicted to drop further along with more relaxed rules around access to finance, which may make it easier for potential buyers to get their foot in the door in 2020. The amount of stock available in the established market continues to suppress prices in many areas but recent data has shown the number of dwelling listings has been declining rapidly since March. The Subi East redevelopment is moving ahead and there are several high-end apartment projects currently on the market that are receiving a high level of interest, particularly from local downsizers. The second half of 2020 will be the most difficult period for WA, as the immediate impact to employment and wages works its way through the economy. From the established home market to new builds, land, apartments and finance, we asked them to share their thoughts on the outlook for the next 12 months. 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