Market Update

Stock remains low - gain access to the huge number of off-market properties where opportunities do exist

Call to demolish home grants

row of housesI read an article over the property niche recently that talked about scrapping the home grants for first home buyers. Mr Andrew Wilson, the economist proposing this idea, argued that such money should instead be used for building infrastructure, health and transport facilities for new neighborhoods.  He also felt that the housing estates must be made friendly towards the environment and must possess sound neighborhood character too. Presently, those who are willing to buy a home for the first time will look for established properties, thus overlooking grants anyways.

Rents are getting steeper as rental properties become lesser in numbers in NSW. This may drive many towards purchasing a new home. However, no grant can properly compensate high and inefficient property taxes. Stamp Duty and Sales Tax together add up to about 40% of money used to buy a house-and-land package. This pricing structure proves to be a very difficult hurdle for a first time home buyer.