Perth is experiencing a significant rise in new home sales, driven by a combination of State and Federal housing stimulus.

Sales of land lots surged in June, just after the Federal Government announced the $25,000 HomeBuilder scheme, and the WA Government announced another $20,000 on top of that.

Perth’s largest home builders have reported a five-fold increase in construction contracts, as buyers are eager to qualify for $45,000 in stimulus monies.

Veteran Perth developer Nigel Satterly is quoted as saying that “All top 10 building groups are now capping their monthly sales, some of them have nearly sold out their September allocation. It’s a huge spike after five years of tough times for the Perth market. No one was prepared for it.”

This high demand has prompted calls for the stimulus timeframes to be extended, to give developers and builders time to hire and contract additional personnel to meet this demand and satisfy all buyers.