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Stamp duty concession sees spark in first-home buyers

The latest figures from the Australian Bureau of Statistics show the number of first-home buyers has increased.

The number of people purchasing an Australian home for the first time rose by 19 per cent in November compared to October, according to the latest data from the Australian Bureau of Statistics (ABS).

 

 

This indicates a growth in mortgage activity of roughly $2.86 billion, the largest volume since December 2009, according to Mortgage Adviser.

 

 

RateCity's chief executive officer Damian Smith said these figures are a good sign for 2012 and show the market may be improving after the government introduced stamp duty concession for first-time buyers.

 

 

However, he warned against over-confidence and noted artificial stimulus had created the spike.

 

 

"We expect to see a similar spike in first-home buyer activity in Queensland in coming months after a surge in applications were filed for a building boost grant," he added.

 

 

The Real Estate Institute of Queensland recently praised the government's decision to exted the building boost grant to April 30th, claiming it could entice thousands of new buyers on to the market.

 

 

Posted by Steve Douglas

- property, stamp, duty, first

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