Global Power | Local Knowledge | Uniquely Personal
All Articles News FAQs Videos
中文

Grant fails to lure homeowners out of Sydney

Sydney residents seem reluctant to trade the city for country life.
People living in Sydney are more keen to stay in the city than move to the country despite being offered a grant by the government.

Indeed, there has been a large increase in people moving out of Sydney since the Regional Relocation Grant was introduced but this has still fallen short of expectations.

The Age reported that there had been a 57 per cent increase in people applying for the one-off $7,000 grant. This was subsequently given to 1,348 households in the past year. Yet the Department of Finance and Services originally prepared to pay out for 10,000 households a year, resulting in $280 million being spent on the scheme in total over four years.

Meanwhile, the number of people looking to buy property in Sydney is on the rise as weekend auctions have consistently produced clearance rates of over 70 per cent throughout 2013. This has helped to drive up house prices in the city, which is known to be the most expensive in Australia, considerably.

Posted by Ravin Chatlani

- Sydney, grant, property, regional, prices

DISCLAIMER: All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

COPYRIGHT: All information provided is protected by international copyright laws. You may not copy, reproduce, distribute, publish, display, perform, modify, create derivative works, transmit, or in any way exploit any such content, nor may you distribute any part of this content over any network. Copying or storing any content is expressly prohibited without prior written permission of SMATS Group or the copyright holder identified in the individual content's copyright notice. For permission to use the content on please contact info@smats.net.

中文

Subscribe Now