First Home Buyer Incentives

First Home Buyer Incentives

It has been reported (Mortgage Professional Australia) that first home buyers currently make up only 12.5% of the owner-occupier market, down 1.1% on the previous quarter. Further data shows that there are fewer first home buyers now than there have been since the Australian Bureau of Statistics started to collect data. The prospect then for a lot of people renting is that they will continue to rent for most of their lives.

The New South Wales government could assist by removing the current restrictions on first home purchases having to either build or purchase property that is less than 12 months old and has not previously occupied or sold as a place of residence. While it is fine in the short term to stimulate the economy through the domestic building sector, manufacturing continues to die by way of a death by 1000 cuts.

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