First Home Buyers Very Active
The State Government’s moves to revitalise the housing market is working in New South Wales. Simon Hollows from CBRE for Rosebery Park said first-home buyers were keen to save where they could, so bonus schemes are translating to big numbers of new loans. “First-home buyers were not shy to take advantage of stamp-duty exemptions last month,” he said. “A lot of them are young couples with dual incomes who are pooling their resources.”
Up to 25 per cent of sales are coming from first-home buyers. “First-home buyer activity has been extremely strong,” said Arthur Perdis of Mint360Property. He said that first-home buyer commitments were likely to drop while buyers waited until October for the First Home Owner Grant (New Homes) scheme to take effect. Over 9,300 new loan commitments were written in May, a massive increase of 28.9 per cent from the previous month.