$21,000 in a new government grant lured first-time home buyers in search of bargains. Dozens of agencies have been recieving inquiries about homes, especially at the lower end of the market.
Robert Sullivan, Landcom marketing general manager confirms that they will continue to offer up to
$16,000 worth of rebates on new house and land packages on top of the increased first home owner grants. Thus giving up to $37,000 extra cash to new buyers.
In order to stimulate the market, developers have been offering their own cash rebates to home buyers.
The Cornish Group has been offering 1200 house and land packages in Camden’s new Spring Farm estate.
Colin Lake, sales manager at Cornish Group said they have been flooded by approaches from first-time buyers. “First-time home buyers have been coming into our office, which is unusual as it’s usually only second and third home buyers who can afford a new home. But the $21,000 is effectively the full 5 per cent deposit on a $420,000 package,” establishes Lake.
Sale volumes and auction clearance rates have been well down over the past few months.
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