Despite the ongoing global pandemic issues and the resulting economic concerns, interestingly there have been a growing number of enquiries into and then sales of vacant land around the country. Surprisingly, a large proportion of these are from first home buyers, keen to take advantage of Government’s HomeBuilder stimulus package. If you’re looking to enter the property market, now may be the perfect time.
First Home Buyer Land Rush
Email enquiries to residential agents on real estate website, realestate.com.au, reached a record high in June. Part of this increase is attributed to a growing interest in vacant land sales off the back of Government’s announcement about the HomeBuilder stimulus package.
Data shows an overwhelming number of these enquiries are from first home buyers. And even more interestingly, the increase in enquiries is vastly skewed towards particular regions. In Western Australia, for example, the number of new enquiries increased by over 600 per cent year on year!
What’s more, data points to a growing number of these enquiries translating into actual sales.
Helping More First Home Buyers
Until the 31st of December 2020, all eligible owner-occupiers and first home buyers can apply for a $25,000 grant to build a new home or substantially renovate an existing home.
This is in addition to any state or territory first home owner grant payments, stamp duty concessions and other grant schemes like the First Home Loan Deposit Scheme and First Home Owner Super Saver Scheme.
Add to this a market downturn in some areas and historically low interest rates, and you have conditions that are primed for first home buyers entering the market!
“Interestingly, while the number of investors in the market is currently at very low levels, first-home buyers are taking advantage of the government grants, the HomeBuilder allowances and the prevailing low interest rates and getting a foot into the property ladder,” said Real estate strategist, Michael Yardney.
“And this trend is likely to continue.”
More Options Available
Interested in buying your first home? Find out what your options are today. Contact a Mortgage Express broker in your area for advice around buying or building a first home, as well as your options when it comes to accessing Government stimulus packages and grants.
While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.
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