First-time buyers are critical to the economy, which is why they could do with a helping hand when it comes to getting hold of Carlton property. The Real Estate Institute of New South Wales (REINSW) explained that in the state budget, the government needs to offer incentives to help people onto the ladder.
“Home ownership is not only something that individuals should aspire to, it is also something that government should foster and encourage as a means of building wealth and providing for a person’s care post-employment,” said REINSW president John Cunningham.
The group outlined a number of different policies that could help improve the proportion of first-time buyers. March data from the Australian Bureau of Statistics (ABS) shows that first home buyers made up 14.2 per cent of total owner occupied housing commitments in March, down 0.4 per cent from the previous month.
REINSW therefore believes these particular buyers could benefit from a 50 per cent reduction in stamp duty when buying a home valued at less than $1million. Instead, people should be given the option to pay their stamp duty over a prolonged period, reducing the initial cost of buying Carlton property.
Many existing policies focus on new homes, whereas people should be given the choice to buy whatever type of property they want. All eyes will be on the New South Wales government to see what choices it makes when the budget announcement is made on 10 June.
For the time being at least, make sure you speak to our team to find out more about the different property options available to you. Ray White Carlton has a presence throughout the Sydney area and could be just what you need to find a home that fits with your budget and individual needs.