I know, I’m retired, but I could not resist this one.
I can see why the “Rudd Government is resisting requests to extend its highly successful increase in the first-home buyer’s grant, raising fears of a housing slump once the scheme is terminated on June 30.” Not my words
For Domenico Monardo, 21, and his girlfriend, Carla Hirigoyen, 20, the $21,000 in federal and $3000 in NSW government grants they received was a big incentive to build a new house rather than purchase an established one. The couple recently paid $305,000 for a 594sqm block of land at The Ponds, a new Landcom development near Kellyville in Sydney’s northwest.
They will borrow a further $240,000 to build their dream home.
Extending the first-home owner’s grant has split the housing industry, with the Housing Industry Association backing the Government’s view that the scheme should end as scheduled on June 30, while the Master Builders Association wants it extended to the end of the year.
New housing finance figures released yesterday show the stimulus, which doubled the first-home buyer’s grant to $14,000 for people buying established homes and trebled it to $21,000 for people buying new homes, has had a dramatic effect on demand.
The number of first-home buyers has risen from a low of 8818 in August to 12,500 in January, traditionally a quiet month in property markets.
The 6657 loans for new houses in January was 16.9 per cent ahead of the level in September, before the increase in grants for first home buyers was announced.
Insane? Have Domenico Monardo, 21, and his girlfriend, Carla Hirigoyen, 20, done their maths? Check out their ages. HUGE COMMITMENT!
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