First National Port Macquarie’s Ron Fischer says the state government decision to introduce stamp duty relief measures has proven a bonus for first home buyers.
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Member for Port Macquarie Leslie Williams has urged local first home buyers to take advantage of the measures.
She says new figures show that 10,496 people across the state have used the exemptions and reductions to buy their first home, in the first quarter since the reforms came into effect.
“The housing affordability package announced as part of the June Budget removes stamp duty for first home buyers for both new and existing homes for properties up to $650,000 and reduces duty for first homes between $650,000 and $800,000,” Mrs Williams said.
“I would encourage people who thought a home was still out of reach to take a look at the relief measures available.”
And Mr Fischer supports the call.
“We have sold some six properties in the past few months directly because the home purchasers could take advantage of the stamp duty relief,” he said.
“I think that’s a fair result and it certainly looks a positive trend.”
Mr Fischer has noticed an increase in the number of properties coming onto the market coupled with an increase in prices.
He says that has pushed up entry prices into the high $400,000 mark.
I think that’s a fair result and it certainly looks a positive trend.
- Ron Fischer
And if you think first home buyers are aged under 30 years, you make have to think again, according to Mr Fischer.
“We’ve had experiences where parents have listed as guarantors to get their children into their first home, while we also had a person who had come into some money who had never owned a home before,” he said.
“As well, we’ve helped a person who had just received citizenship and who wanted to get into the market to purchase a home.”
While those examples buck the trend, Mr Fischer says getting your finances organised is still the number one tip.
“The very important message from us to buyers is to get pre-bank approval. We have seen people who have not gone to their bank and have been left behind.”
Mrs Williams said potential home owners should get information on the reforms and the relief package available to ‘get back in the game’.
“It’s meant the end of renting or living with extended family for thousands of people and families since July and we look forward to watching those numbers grow in the months ahead,” she said.