The Real Estate Institute of Australia (REIA) has revealed the positive impact on the Australian property sector witnessed as a result of the introduction of the First Home Owners Grant (FHOG).
REIA president Pamela Bennett argued the FHOG has been a real boon to the industry, especially in areas where housing availability has been constrained.
She commented: "The widening gap between housing supply and demand demonstrates that the fundamental issues determining the delivery of supply remain unaddressed with affordable housing being the casualty of the under-supply of housing."
Ms Bennett added that over the long term, the FHOG has helped to bring down the costs associated with homeownership and provided real benefit to first home buyers across the country.
Earlier this month, the REIA praised the publication of a new report, which highlighted the need for greater affordability in the Australian property market.
Ms Bennett noted the next goal should be translating this need for affordability into real savings for home buyers.
Posted by Steve Douglas
