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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

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