Agents are seeing vendors selling around the $650,000 and $800,000 price points asking to list their homes for slightly more, given that first home buyers will soon have more to spend, says Douglas Driscoll, CEO of Starr Partners.
Federal Budget initiatives go some way towards helping first-homebuyers, but a coordinated approach is key to making a real impact, says CoreLogic CEO Lisa Claes.
NSW expected to increase charges for foreign investors, help first-home buyers
With recent data showing that one in every 10 buyers in NSW is from overseas, the state government is expected to double the foreign investor surcharge, raising funds to help first-home buyers.
The 20% deposit and stamp duty required to buy a house in Sydney is $158,933, based on new CoreLogic data. That's equivalent to 20 years' worth of smashed avo.
Stamp duty charges are preventing owners from selling, limiting the housing stock coming to market, and putting upward pressure on prices, according to new research from LJ Hooker.
The REINSW says policies being considered by the NSW government to improve housing affordability for first homebuyers is a step in the right direction.
The proposed removal of OTP concessions for investors will represent the loss of a competitive advantage for Melbourne in a market that is increasingly facing national and global competition.
Make it easier for pensioners to downsize, says Property Council
Reducing transaction costs for the elderly could add 50,000 properties to the market and improve overall housing affordability, says Ken Morrison, chief executive of the Property Council.
Vic removal of stamp duty exemption for OTP buyers 'final nail in coffin'
The Victorian government's decision to scrap the stamp duty exemption for buyers purchasing off-the-plan could mean lower supply of new dwellings, sending prices and rents higher, says Sam Tarascio of Salta Properties.
