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Number of NSW first-home buyers falls

Property sales to first-home buyers in New South Wales fell to their lowest level since 1992 in December, it has been stated.

The number of people looking to buy a home in New South Wales fell to its lowest level in 21 years in December 2012, new figures have shown.

 

 

 

They suggest the government's drive to encourage first-timers to make home purchases still has work to do, the Sydney Morning Herald reported.

 

 

 

Just 998 loans were taken out by first-home buyers in the state in the month, compared with 2,217 in Victoria and 1,556 in Western Australia.

 

 

 

The fall coincides with changes to incentives for these individuals, such as the withdrawal of the First Home Owner Grant in October.

 

 

 

This was replaced with a $15,000 grant to buy a new house or apartment priced below $650,000 to help people with buying homes in Australia.

 

 

 

In order to stimulate movement in the housing market, chief economist at Master Builders Australia Peter Jones urged the Reserve Bank to reduce interest rates when it meets in March.

 

 

 

He stated: "The decline in first-home buyers that continued in December is a concern, given the various incentives across several states to entice them into the market."

 

 

 

Posted by Steve Douglas

 

 

 

- grant, first, property, rent, housing

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