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First-time buyers 'could save property market'

Australian property could experience a great boost if first-time buyers can be enticed back to the market, the Real Estate Institute of Australia has suggested.

First-time buyers could be the group that helps the Australian property market to flourish once again, it has been claimed.

David Airey, president of the Real Estate Institute of Australia (REIA), said that work needs to be done to entice these first home buyers back to the market.

He highlighted the REIA's Deposit Power Housing Affordability Report, which showed a 42 per cent decline in first home buyers over the past 12 months.

"Sales activity in the property market has been slowing since the First Home Owners Grant (FHOG) Boost ceased," he said.

Mr Airey went on to say that the federal government needs to develop "well thought-out measures … to assist first home buyers in purchasing a home".

The FHOG scheme was introduced in Australia on July 1st 2000 to offset the Goods and Services Tax.

Under the scheme, a grant of up to $7,000 (£4,318) was payable to first-time buyers who satisfied all of the eligibility criteria.

Posted by Craig Francis

- property, grant, first, affordability

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