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REIA: Finance statistics show first home buyers need help

REIA says the government needs to do more to help first time buyers into the Australian market.

Following the release of new statistics for financial commitments on housing, the Real Estate Institute of Australia (REIA) has made another call for the government to extend help for first time buyers.

On Monday (September 9th) the Australian Bureau of Statistics released figures showing that the amount that was being spent on owner-occupied housing had increased by 1.6 per cent in trend terms in July. This follows rises of 2.1 per cent in June and 2.4 per cent in May.

However, REIA say that there has been a drop in the amount spent on housing commitments coming from first time buyers.

President of REIA Peter Bushby said: "In large part, this drop can be attributed to state governments withdrawing previous levels of support for first home owners buying established dwellings and it is established dwellings that 80 per cent of first home buyers prefer."

Certain state governments, such as in Victoria, have cut grants for first time buyers to use on established homes in order to release funds to help them with the purchase of newly built dwellings.

REIA says that the new federal government should implement measures for first time buyers.

Posted by Craig Francis


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