Last week NSW Treasurer Mike Baird unveiled what is set to be the most generous first home buyer scheme in the country. The boost more than doubles the first home grant to $15,000 for buyers of new property priced up to $650,000.
John Symond has welcomed the change and believes it will provide a much needed boost to the NSW building industry and address housing and rental issues faced by major metropolitan areas.
“The Government recognised that people would need a big incentive to kick start the building industry again and doubling the first home buyer’s grant for new builds, as well as providing a cash incentive to other purchasers looking to build, can only be a positive thing,” he said.
“This will help in taking some pressure off the inner city, by getting buyers out into the other suburbs, while also taking some burden off a tight rental market. Coupled with lower interest rates, and more cuts projected for the future, this really is a great formula to think about entering the market or investing- especially as investors won’t be limited to claiming a grant only once, and can take advantage of depreciation allowances too,” he continued.
John Symond also recognised that some first home buyers may be disappointed about the removal of the First Home Owners Grant for existing properties, but counselled them that if they can afford it now, it would be good to try and enter the market before the changeover date on 1 October.