First home buyers continue to dive into the housing market, despite an affordability crisis gripping much of NSW.
New figures show that the numbers of first home buyers have grown by more than 12% per annum for the last four years, with most choosing Sydney’s South-West and Western suburbs.
The Real Estate Institute of Australia’s Steve Martin notes that people are looking to get out of the rental frustration.
“It’s a bit of a balancing act because property has proven to be a very, very good investment over many years. However first home buyers need to be a little bit careful as far as affordability is concerned.”
Additionally, whilst there are first home buyer incentives offered by the government, the Marquette Turner team recommend those concerned make themselves fully comfortable with the rules and conditions by talking the issues through with their solicitor, conveyancer or accountant. A common roadblock is that 2 first home buyers do NOT receive the full $7000 each in NSW, but share $7000 in total.
Furthermore, you must understand stamp duty ramifications: property values up to $500,000 are exempt from stamp duty in NSW; up to $600,000 the duty is discounted; after $600,000 even a first home-buyer must paid the entire duty.
To learn more, simply download this First Home Buyer Factsheet.