Not enough is being done to support the needs of first home buyers, according to the Young Agents Chapter of the Real Estate Institute of New South Wales.
“First home buyers are struggling to raise the deposit needed to get onto the property ladder,” REINSW Young Agents Chapter Chair Eddy Piddington said.
“In the case of existing properties, first home buyers must also find the extra funds to pay stamp duty. It’s time for stamp duty to again be taken out of the equation for first home buyers in order to give them the break they need.
“The NSW Government’s attempts to help support young people though the extension of the $15,000 first home buyers grant on new homes to 1 January 2016 is not working. Many young people are not interested in purchasing new homes because these developments are generally not in the right location and they are largely out of the price range of first home buyers.
“The reduction in interest rates is having a positive effect, however these reductions do not take away the burden of saving a deposit and paying for stamp duty.
“Now is the time for the NSW Government to realise the dream of purchasing your first home is pushing the age of first home buyers into their late 20s and early 30s. This in turn creates a bottleneck, where those who already have homes cannot move onto properties better responding to their needs.
“First home buyers play a vital role in fuelling the property market and have a much bigger impact than many think. Our first home buyers are frustrated.
“It’s time to bring back the first home buyers incentives for existing properties, abolish stamp duty for first home buyers and create some movement in the marketplace,” Mr Piddington said.