In this week’s 2 minute property investment news video- first homebuyers are missing out in NSW.
First homebuyers looking to purchase an established property in NSW have missed out in the latest state budget there.
The first homeowner grant in New South Wales won’t be reintroduced anytime soon. Many were hoping it might come back, after expiring in late 2012 but in the latest State Government budget, the $7000 grant for first homebuyers keen to buy an established property wasn’t reinstated.
However, those willing to purchase brand new property can still get the First Home Owner Grant of $15,000, which has now been extended until 2016.
The Real Estate Institute of New South Wales says the budget was an opportunity for the NSW government to reinvigorate the property market with a reduction in stamp duty rates but they have failed.
[sam id=36 codes=’true’] The percentage of first homebuyers in the marketplace is getting close to the record low of 12.5 per cent.
Meanwhile first homebuyers in the ACT are also running out of time. ACT Treasurer Andrew Barr announced in the latest budget that the first home buyer grant of $7000 for established housing would also be scrapped.
It means if you’re a first home buyer you only have about eight weeks to find a property, because the grant will finish on August 31. However, there’s still a grant available for first homebuyers who buy brand new property. That’s been increased to $12,500.
But I guess first homebuyers really need to weigh up if they want to buy a new property and also even if you buy established property within the next eight weeks, chances are the prices might be slightly inflated, as sellers also try and take advantage of the first homebuyer grant before it ends.