Property Buys | Australian Real Estate News

KEVIN Rudd’s bold bid to lure first-home buyers into the nation’s sluggish property market has been greeted with caution by young investors, with the increase in the first-home buyer’s grant failing to generate an immediate kickstart to the ailing sector.

Housing clearance rates remained soft across the country over the weekend, particularly in the nation’s biggest markets of Melbourne and Sydney, which showed no signs of recovering from their torpor.

The Australian reported many homes continue to sell for well under what their owners had hoped to get.

When Melbourne grandmother Jennifer Webbe put her home of 15 years on the market, she thought she would get $740,000 for her house in the city’s sought-after southern suburbs.

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An ecstatic Trent Smith and his partner Allie Moore can now look forward to a future that consists of more than baked bean dinners.

The young couple, who moved back into Allie’s father’s home a year ago to save money for a house deposit, hope to be in their new Brightwater Estate home by next Easter.

The announcement yesterday of a $10.4 billion economic security strategy will deliver an additional $14,000 boost to the existing $7000 first home buyer’s grant and give the couple some financial breathing space.

Trent, 28, an operations manager with Adenbrook Homes, said he and Allie had decided that with housing costs rising they had to do whatever it took to make it happen.

Their home on a 450sqm block will have no bells and whistles inside, but give them a leg into a market they had feared would exclude them.

The extra government help is a huge boost.

“It will allow us to live as well as have a house,’’ Trent said.

Trent, who sees the housing picture from both sides of the sales counter, said people had become really watchful with their money and been looking for more certainty.

He said instead of five reasons to sign up, new buyers were looking for 20.

The guarantee of bank deposits and the 1% interest rate drop had already sparked increased inquiries at display homes, but he said many buyers were still in the homework stage.

Describing the first home buyers initiative – which will pump $1.5 billion into the housing sector – as awesome, Trent said it would get confidence flowing, which should translate into deposits on contracts.

Stockland’s Queensland manager Mark Hunter described the news as a triple treat for buyers.

The property development company has just launched its own $17,600 incentive on selected packages across all its estates. Stockland can now offer first-home buyers entry level properties for under $270,000 in its North Lakes development.

Source: http://www.thedaily.com.au/news/2008/oct/15/dream-home-now-step-closer/

This sentiment is now being echoed by first home buyers across Australia in the wake of the increased First Home Owners Grant.

Although encouraged by the drop of the cash rate by 1 per cent in the past week and with the banks passing most of this on to consumers, it is still a hard road to hoe for many first home buyers.

The Federal Government may have increased the First Home Owners Grant to $14,000 (for all first home buyers) and to $21,000 for those buying a new home as their first home, but is this going to be enough?

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Approved Development Site - Multi-Unit and Shopping Facilities located at White Rock, Cairns QLD.

(Development)

Location 2-26 Giffin Rd White Rock, Cairns QLD.

A Preliminary Approval has been granted by Cairns Regional Council for 112 units consisting of two and three storey and also Commercial Shopping Facility of approximately 890 Square metres.

• SIZE OF LAND:2.29 HA.

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(Cairns Information)

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